OpenCharities

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

2022-03-31-accounts

Frantic Theatre Company Ltd

Trustees’ report and Financial Statements

31 March 2022

Company Limited by Guarantee Registration Number 02989694 (England and Wales) Charity Registration Number 1113716

Reports
Chair’s Statement 3
Report of the trustees 4
Independent auditor’s report 19
Financial Statements
Statement of financial activities 24
Statement of financial position 25
Statement of cash flows 26
Principal accounting policies 27
Notes to the financial statements 34

Frantic Theatre Company Ltd

Reference and administrative details

Charity name Frantic Theatre Company Ltd
Trading name Frantic Assembly
Trustees Mark Hawes (Chair)
Matthew Hunnybun
Amit Kataria
Tina Kokkinos (resigned 15 February 2022)
Matthew Littleford (resigned 20 January 2022)
Dorcas Morgan (appointed 5 May 2022)
Sally Noonan (resigned 27 July 2021)
Joanna Read
Denzel Westley-Sanderson (appointed 21
March 2022)
Artistic Director and Joint CEO Scott Graham
Executive Director, Joint CEO and Company
secretary Kerry Whelan
Registered office Brixton House,
Coldharbour Lane,
London,
England,
SW9 8GL
Company registration number 02989694 (England and Wales)
Charity registration number 1113716
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL

Frantic Theatre Company Ltd 1

Reference and administrative details

Bankers

The Co-operative Bank PO Box 250 Skelmersdale WN8 6WT

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME1 4JQ Virgin Money Jubilee House Gosforth Newcastle Upon Tyne NE3 4PL Saffron Building Society 57 High Street Ware Hertfordshire SG12 9AD

Manchester Building Society 125 Portland Street Manchester M1 4QD

Frantic Theatre Company Ltd 2

Chair’s statement 31 March 2022

The following Trustees’ Report and Financial Statements for the year ended 31 March 2022 tell a story of how Frantic Assembly– one of the country’s most exciting and genre-defying companies – adapted and developed advantageously in the face of the continuing challenges of the Covid-19 pandemic. It is a story of steady consolidation, planning and skills-acquisition. More than that, it is a story of remarkable creativity, innovation and ambition across our purposefully inter-connected activities of Theatre-making, Participation – in the areas of Learn & Train and Talent Development – and Digital and Creative Media. All these activities serve our mission to create thrilling, energetic, unforgettable and high-quality theatre, reaching and educating people across the UK and overseas, including UK audiences of least engagement, and ensuring that contemporary theatre is accessible, relevant and open to communities who may perceive that theatre is not for them.

Now, in the financial year 2022/2023 – with the launch of our unique online drama educational subscription service, Frantic Assembly Studio; a successful tour of Othello on the road; and increases in demand in the UK and overseas for our in-person Participation offerings – fruits of the hard work undertaken in 2021/22 and previously are plain to see.

We are immensely grateful for the support and enthusiasm shown to Frantic Assembly by a large cast of organisations and individuals, including:

Mark Hawes

Chair

Frantic Theatre Company Ltd 3

Trustees’ report 31 March 2022

The trustees present their report together with the financial statements of Frantic Theatre Company Ltd (trading as Frantic Assembly) for the year ended 31 March 2022.

The report has been prepared in accordance with the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.

The financial statements have been prepared in accordance with the accounting policies on pages 27 to 33 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws and the requirements 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 United Kingdom and Republic of Ireland (FRS 102).

Executive summary

Following on from the unprecedented upheaval of the previous year, 2021/22 has been one of steady consolidation, planning and skills acquisition, as well as a surprisingly fruitful and satisfying year of creation. Following on from our successful pivot towards online working and digital solutions in 2020, we embraced the opportunities and confidence the events of the previous year had afforded us and developed new responses to existing questions of what work we should be making and how we should be making it.

An enforced break from touring because of uncertainty around Covid, allowed us to take stock, review our production rosta and lay out a scheme of work for the next four years. Restrictions on conventional ways of working also meant we were forced to find new ways to create work and to embrace opportunities within the digital realm.

Our long-established position within education was further reinforced by the response we had from teachers and students to the output we had created during lockdown to support them. The positive feedback to this content as well as our nascent plans to build an online resource platform to help teach the Frantic Method, our approach to devising and contemporary collaborative theatre making, was extremely encouraging. Frantic Assembly Studio, the product of our planning and creation, started to come to life in 2021/22 as we consulted with schools and teachers and started the not inconsiderable task of filming over 16 hours of content, alongside the commission of a bespoke website platform and incorporated sales and CRM system.

Despite initial concerns that 2021/22 may bear little opportunity to make work we found ourselves busier than ever and able to offer direct employment to both our pool of freelancers and to other creatives and performers on a range of activity across productions, participation projects and digital creation, providing much needed employment after a tumultuous year for freelancers, as well as much needed income for the organisation.

Frantic Theatre Company Ltd 4

Trustees’ report 31 March 2022

2021-22 Key Achievements

OBJECTIVES AND ACTIVITIES

The objectives of the charity are to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama.

Led by Artistic Director Scott Graham and Executive Director Kerry Whelan, Frantic Assembly is an internationally respected company with collaboration and accessibility firmly at its heart. Graham continues to collaborate with some of the most exciting voices in theatre to create new, genre-defying work of the highest quality. Having toured extensively throughout the UK, the company has built an enviable reputation as one of the most exciting theatre companies in the country, and the Frantic Method of devising theatre has helped create work throughout the world. The devising processes at the heart of this creativity are now studied on five of the most widely taught UK and international academic drama syllabuses. Frantic Assembly is also identified as ‘one of the key figures in Twentieth Century performance practice,’ and as one of 23 theatre makers who have ‘transformed the way we understand theatre and performance’, featuring in the handbook dedicated to the company in the Routledge Performance Practitioners series.

Our Mission Statement

Frantic Assembly creates thrilling, energetic, unforgettable and high-quality theatre. We target audiences of least-engagement in the UK, as well as attract new audiences internationally, ensuring that contemporary theatre is accessible, relevant and open to communities who may perceive that theatre is not for them.

Our core values, which define both our work and the way we create it, as well as underpin the way we operate as a team, are:

Collaborative, Authentic, Accessible, Brave, Empowering

Frantic Theatre Company Ltd 5

Trustees’ report 31 March 2022

OBJECTIVES AND ACTIVITIES (continued)

Core Aims and Objectives

REVIEW OF ACTIVITY AND ACHIEVEMENTS

Artistic activity

The continued uncertain climate around Covid 19 meant that we took a proactive decision to postpone any touring until autumn 2022. The financial implications of embarking on a tour, only to have dates cancelled because of Covid, would have been extremely damaging. The subsequent lockdown over Christmas 2021, and the effect on many touring productions, vindicated this decision.

One of the positive effects of the 18-month pause in touring activity brought about by the pandemic, was the ability to re-set our schedule and plan ahead effectively. The ongoing cycle of production-creation and tour-booking had meant that our planning horizon had become shortened, and it often felt as though we were running to stand still. The enforced hiatus gave us time to re-valuate projects, prioritise future productions and build partnerships.

The break in production creation and touring also gave us the opportunity to develop other projects and, in particular, digital projects. Following on from the work started in 2020/21 with the creation of Frantic Digital – a series of free-to-access films including behind-thescenes insights, warm up games and creative exercises – and the creation of Frantic Assembly Studio – our online subscription platform for schools – our ambition was to devise a show specifically for the camera. We also wanted to capture our touring production of I Think We Are Alone , which had been cut short in March 2020 mid-tour by the pandemic. Our goal here was to provide a way for the several thousands of people who had booked to see the show on tour and missed out because of the lockdown, to finally see it.

Frantic Theatre Company Ltd 6

Trustees’ report 31 March 2022

REVIEW OF ACTIVITY AND ACHIEVEMENTS (continued)

Artistic activity (continued)

We successfully applied for an Arts Council Project Grant to fund the capture of I Think We Are Alone. This and the creation of TOUCH were both due to take place in the first quarter of 2021/22. However, once again, owing to the ongoing impact of the pandemic and the proliferation of projects being undertaken as restrictions lifted, this timeline proved impossible to maintain. Everything from actor and creative team availability to venue and equipment hire became intensely competitive; an understandable yet unpredicted hangover of the pandemic lockdowns.

TOUCH

This was the first original devised work created by Scott Graham for the camera. Created over 4 weeks with a cast of 6 and filmed in one week, TOUCH is made up of 6 separate films linked by the theme of touch, a highly resonant subject in the light of the previous 12 months’ experience. We collaborated with TEA Films on the filming of the work and commissioned composer and Ignition graduate Stefan Janik to create the soundtrack. The finished 45-minute film will be exclusively available to subscribers of Frantic Assembly Studio.

I Think We Are Alone

Originally intended to be filmed in June 2021 at MAST in Southampton, where Frantic Assembly became an Associate Company in 2020, this was rescheduled to late September owing to the venue’s availability. Two of the original cast returned to reprise their roles, but conflicting commitments meant that the other four parts had to be re-cast. The show was rehearsed over a two-week period in London and filmed in the third week in Southampton. The final film was subsequently streamed to a paying audience as part of a ‘digital tour’ promoted through those venues which had co-produced the original show or had their tour dates cancelled owing to Covid. The capture was seen by over 3,000 people.

PARTICIPATION

Learn & Train

The accessibility of the Frantic Method, our distinctive approach to devising theatre, has empowered and inspired people to participate, educate and collaborate in the art of drama and make ground-breaking new work. As world leaders in devising and collaborative theatre-making, we continually seek to share drama skills through our Learn and Train programmes.

Our Learn Programme is designed for students in formal education (from GSCE up to Masters level), while our Train Programme covers Introductory, Intermediate and Advanced open programmes for the public, professional artists, creatives and teachers.

Frantic Theatre Company Ltd 7

Trustees’ report 31 March 2022

PARTICIPATION (continued)

Learn & Train (continued)

Our commitment to Learn and Train has been liberating the potential of future theatre makers for over 25 years and has engaged people from all walks of life. Our programmes are available in the UK and internationally throughout the year.

Our Learn and Train programme was the first activity to return to in-person delivery in 2021/22 while continuing to simultaneously offer an online component developed during the previous year of lockdown. Throughout the year, Frantic Assembly continued to provide accessible engagement opportunities for students, the public, teachers and emerging practitioners through in-person and online workshops and residencies.

Learn Programme

Between April 2021 and March 2022, we delivered a total of 184 workshop sessions in the UK and Internationally reaching 3,740 participants in schools and other educational settings. The reintroduction of Covid restrictions in December 2021 and January 2022 did result in a few postponed or cancelled workshops, but we were able to successfully deliver 3 residencies with undergraduate students from London Southbank University in autumn 2021, as well as a 4-week residency with the Sharjah Performing Arts Academy in the UAE in spring 2022.

Other planned International residencies had to once again be postponed owing to ongoing Covid restrictions in the country of delivery, including Australia and those in South East Asia.

Train Programme

Following the success of moving much of our Train Programme online in 2020/21, we were able to re-introduce some in-person courses in 2021/22. We ran an online Introductory Course and a Teacher Training Course in the 1[st] quarter of 2021/22, and later in the year our Intermediate Course and Advanced Course, in London, as well as a Teacher Training Course in Leeds in February 2022. We delivered 39 different sessions, working with a total of 617 people.

Ignition

Ignition is our flagship, free nationwide talent development programme for young people aged 16 – 24. We were unable to deliver our usual full-scale Ignition, with a one-week intensive residency in London culminating in a public performance, owing to restrictions resulting from the pandemic. However, we ran a no-less ambitious version of Ignition which saw us deliver a weekend of workshop activity at each of our regional partner venues for 445 young people, culminating in the creation of 11 site specific performances for the camera, which were then put together into a film compilation and set to a specially commissioned soundtrack by Ignition graduate Stefan Janik. The final film was shared via a YouTube screening with all of the participants, and each component film now sits on our website. The films have been seen 11,179 times since December 2021. This year, we were joined by two new partners, the Lyric Belfast and MAST Southampton.

Frantic Theatre Company Ltd 8

Trustees’ report 31 March 2022

This activity was used to push our #WeAreIgnition fundraising campaign and raised £8,967 in public donations.

DIGITAL AND CREATIVE MEDIA

Projects such as TOUCH and the capture of I Think We Are Alone allowed us to learn and hone our digital skills as well as develop closer collaborative links with film makers and producers, such as TEA Films.

Frantic Assembly Studio

Alongside the production of this creative content, the year saw us push ahead with the creation of Frantic Assembly Studio, our online subscription platform for schools designed to help teachers understand and work with the Frantic Method and bridge the gap between the professional rehearsal room and the classroom.

With funding from the Garfield Weston Cultural Fund (received in 2019/20), we have been able to commission a bespoke website platform, incorporating a sales and CRM function, which will house the Frantic Assembly Studio content. The platform will work on an annual subscription basis and will be available exclusively to schools and other educational establishments. During the year, we also designed and filmed over 16 hours of teaching resources, including warm-up exercises, games, production insights, instructional films on devising and the Frantic Method, and interviews with industry figures.

Frantic Assembly Studio launched in September 2022.

CREATIVE COLLABORATIONS

The Curious Incident of the Dog in the Night-Time

The Company once again provided choreography and movement direction of the National Theatre’s production of The Curious Incident of the Dog in the Night-Time . This year’s audition process opened up access to neurodivergent performers and cast three such performers in the lead role of Christopher.

Rehearsals took place in October and the show opened in London, at the Troubadour Wembley Park, in November 2021. Unfortunately, owing to a resurgence of Covid during December several performances had to be cancelled and overall attendance across the tour was down on forecast. The relatively low box office achieved resulted in a lower-thanexpected royalty for our services.

Frantic Theatre Company Ltd 9

Trustees’ report 31 March 2022

FINANCIAL REVIEW

The charity’s total income for the year was £612,903 (2021 – £627,606). Total expenditure amounted to £705,557 (2021 – £421,407). The charity’s deficit for the year was therefore £92,654 (2021 – surplus of £206,199). When combined with funds brought forward, the charity’s total reserves as at 31 March 2022 stood at £500,545 (2021 – £593,199).

The breakdown of funding sources in the year was as follows:

Percentage Percentage
of total of total
2021/22 income 2020/21 income
Earned income* £178,220 29% £106,929 17%
Donations £9,104 2% £5,433 1%
Restricted grants £50,299 8% £200,000 32%
Arts Council England Cultural
Recoveryfunding grant		 £150,021 24% £nil 0%
Arts Council England NPO
funding grant		 £225,259 37% £225,260 36%
Coronavirus
Job
Retention
Scheme Grant		 £nil 0% £89,984 14%
Total income £612,903 £627,606

Investment policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The charity has a policy of keeping surplus liquid funds in short-term deposits which can be accessed readily.

Reserves Policy

The trustees aim to maintain free reserves in unrestricted funds at a level between three and six months of unrestricted charitable expenditure. They consider that this level will ensure that there are sufficient funds available to cover support and governance costs in the event that the Company needed to be wound up.

The trustees therefore consider that the ideal level of operational free reserves at 31 March 2022 would be £126,000 to £252,000, based on the current year’s unrestricted expenditure.

Frantic Theatre Company Ltd 10

Trustees’ report 31 March 2022

FINANCIAL REVIEW (continued)

Reserves Policy (continued)

Of the total reserves of £500,545 (2021 – £593,199), £nil (2021 – £205,284) was restricted. £120,000 funds have been designated, or set aside, by the trustees for specific purposes (2021 – £267,915). With the exception of £120,000 specifically set aside for future productions, the designated funds were released during 2021/22 and are now taken into account within the charity’s overall free reserves policy. The purposes and an analysis of the movements on the funds are set out in the notes to the financial statements.

Unrestricted general funds amounted to £380,545 (2021 – £120,000), of which £67,522 (2021 – £nil) constituted fixed assets. Free reserves were therefore £313,023 (2021 – £120,000), which is in line with the target level for such reserves mentioned above.

PLANS FOR THE FUTURE

ARTISTIC ACTIVITY

Othello

2022 will see a return to national touring, following a prolonged hiatus owing to the Covid19 pandemic, with the Company’s acclaimed adaptation of Shakespeare’s Othello. First produced in 2008, the show has become an audience-favourite and has been one of the Company’s most requested productions.

The production, co-produced with Curve Leicester, opened at the Curve on 19[th] September before embarking on a 10-week tour until early December 2022. It will then run for a further three and half weeks in January/February 2023 at the Lyric Hammersmith Theatre. Directed by Scott Graham, the show also includes 5 alumni from our celebrated Ignition programme; Associate Director David Gilbert, Co-Choreographer Perry Johnson and three cast members; Joe Layton, Felipe Pacheco and Oliver Baines.

Tour venues: Curve Leicester, Liverpool Playhouse, Theatre Royal Plymouth, York Theatre Royal, Yvonne Arnaud Guildford, Oxford Playhouse, The Lowry Salford, MAST Southampton, Connaught Theatre Worthing and Lyric Hammersmith Theatre.

Metamorphosis

We will continue to develop our new production, an adaptation of Kafka’s novella Metamorphosis . We are delighted to have secured celebrated poet and author Lemn Sissay OBE to work on the adaptation in collaboration with Frantic Assembly.

One morning Gregor Samsa awakes to find himself changed. To those around him he is dangerous, untouchable vermin. Worse than that, he is a burden.

A word said, an action out of place, the opening of old wounds, none of which can be undone. Until now Gregor has woken every morning, quietly left to take the same train, and worked to pay off the family debt. But that world explodes on this morning of brutal metamorphosis.

Frantic Theatre Company Ltd 11

Trustees’ report 31 March 2022

PLANS FOR THE FUTURE (continued)

Metamorphosis (continued)

Metamorphosis is a visceral and vital depiction of humans struggling within a system that crushes them under its heel.

The show will be created/rehearsed in August 2023 before embarking on a 10-week tour of the UK and finishing with a 4-week run in early 2024 at the Lyric Hammersmith Theatre. The show will be co-produced with Theatre Royal Plymouth, Curve Leicester, MAST Southampton and Lyric Hammersmith Theatre.

The creative team will be recruited during the year and R&D undertaken.

Research and Development

Alongside production of Othello and the R&D of Metamorphosis, we will also be developing future projects including an adaptation of a children’s book as a family show and a major international new writing collaboration.

PARTICIPATION

Our Learn and Train programmes are expected to return to a full in-person offering, operating across the UK and internationally, delivering schools-based curriculum workshops, bespoke residencies, teacher training and special projects. Building on the success of our online offering of the previous years, we will continue to deliver workshops online, particularly for overseas clients.

Learn Programme

Our delivery of schools’ workshops is expected to return to pre-pandemic levels as we also return to in-person delivery in 2022. As well as our usual programme of 2, 4 and 6- hour workshops, we have longer residencies planned with West Glamorgan Youth Theatre, Birmingham Hippodrome and Headington School.

We will continue our relationship with London Southbank University with a programme of four, five-day residencies with 2[nd] year performing arts students. We will also undertake a new collaboration with United Learning, working with 20 schools in London and Salford on workshops and Teacher training.

We have international residencies booked with schools in Berlin, Munich and The Hague, and in late 2022 we will once again return to South East Asia to work with Dulwich College in South Korea and Malaysia, on residencies that had to be postponed in 2020 owing to the pandemic.

Train Programme

Summer 2022 saw our popular International Summer School return. Last run in 2019, this year’s Summer School will be held as a residential course at Rose Bruford College and will offer three separate cohorts focusing on ‘Create’ and ‘Train’, aimed at performers and practitioners/directors respectively. There will be 36 participants in total.

Frantic Theatre Company Ltd 12

Trustees’ report 31 March 2022

PARTICIPATION (continued)

Train Programme (continued)

In early 2023, we will run the same model in Los Angeles in partnership with California State University Long Beach, and follow with a residency at University of Utah and openprogramme workshops in New York.

Ignition

October 2022 saw a return of the full Ignition programme for the first time since 2019, culminating in the weeklong intensive residency in London, this year at our new base, Brixton House. Working with our 12 regional partners across the UK, Ignition seeks emerging talent in unexpected places through our Taster and Trial workshops, and from these several hundred young people, select 24 to take part in the London intensive during the October Half Term.

DIGITAL AND CREATIVE MEDIA

Frantic Assembly Studio

Our online subscription platform for schools launched in September 2022 and will be available to all UK schools. We are working on a partnership with Digital Theatre Plus to carry the Frantic Assembly Studio content for schools and educational establishments outside of the UK from early 2023.

As part of the ongoing content creation for the site, we plan to film our touring production of Othello to provide linked educational resources for the show on Frantic Assembly Studio.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Directors and trustees

The company is a company limited by guarantee registered in England and Wales and a charity registered with the Charity Commission in England and Wales. Its directors are its charity trustees for the purposes of charity law. The trustees serving during the year and since the previous year end were as follows:

Trustee Appointed/ Resigned
Mark Hawes (Chair)
Matthew Hunnybun
Amit Kataria
Tina Kokkinos Resigned 15 February 2022
Matthew Littleford Resigned 20 January 2022
Dorcas Morgan Appointed 5 May 2022
Sally Noonan Resigned 27 July 2021
Joanna Read
Denzel Westley-Sanderson Appointed 21 March 2022

Frantic Theatre Company Ltd 13

Trustees’ report 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Directors and trustees (continued)

Company secretary Kerry Whelan

Governing document

Frantic Theatre Company Ltd is a charitable company limited by guarantee, incorporated on 14 November 1994 and governed by its Memorandum and Articles of Association. Revised Articles of Association were adopted on 5 February 2014. In the event of the company being wound up the members are required to contribute an amount not exceeding £1. The maximum number of members permitted by the Articles of Association is 10, but the board of trustees may from time to time register an increase in members.

Appointment of trustees

As set out in the Articles of Association, the minimum number of trustees is three and, until otherwise determined by a General Meeting, shall be no more than nine. During 2020/21, the number of trustees was seven. The board of trustees may appoint any member of the company as a member of the board of trustees, either to fill a casual vacancy or by way of addition to the board of trustees. Any member so elected holds office until the next Annual General Meeting, at which time they will be eligible for re-election.

Only members of the company are eligible to hold office as a member of the board of trustees.

The appointment of trustees, the conduct of business, the proceedings of meetings, the management of risk and the general management of the company all took place during the year in accordance with the provisions of the governing documents.

Trustees’ induction and training

All new trustees receive an induction pack of information about Frantic Assembly and guidance on their responsibilities as charity trustees and company directors. The induction pack provides information on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and informs them of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial performance of the charity.

New Trustees are invited to meet with the Executive team and any other staff members as necessary as part of the induction process.

Frantic Theatre Company Ltd 14

Trustees’ report 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisation

The board of trustees administers the company. The board normally meets every quarter but meets more frequently if required (for example, during the pandemic trustees met monthly). The trustees take ultimate legal and financial responsibility for the company while the day-to-day running of the company is delegated to the Executive Team. To facilitate effective operations, the Executive Team has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance-related activity.

Frantic Assembly’s Executive team comprises Scott Graham, Artistic Director and Joint CEO, and Kerry Whelan, the Executive Director and joint CEO. During 2021/22, the other team members included a full-time Head of Learning and Participation, a Producer, a General Manager, a Learning & Participation Project Manager, a Learning & Participation Coordinator, a General Manager and a part-time Associate Director, Learn & Train.

Related parties and co-operation with other organisations

None of our trustees receives remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the Charity with a venue, production company, contracted actor, performer, creative, crew member or exhibitor must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. Details of related party transactions in the current year are set out in the notes to the accounts.

Key management personnel and pay policy for senior staff

The key management personnel of the Charity in charge of directing and controlling, running and operating the company on a day-to-day basis comprise the Executive Director and the Artistic Director, overseen by the trustees. All trustees give of their time freely, and no trustee received remuneration in the year. The pay of the senior staff who are not trustees is set at the point of recruitment with reference to the national market rate within the cultural economy. In view of the nature of the company, the trustees benchmark against pay levels in other comparable arts organisations run on a voluntary basis. The remuneration benchmark is generally the mid-point of the range paid for equivalent roles in similar organisations. It is reviewed annually and normally increased in line with pay increases for the rest of the organisation.

Risk management

The board of trustees have conducted a review of the major risks to which the company is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the company faces.

Strategies are in place to mitigate the risks identified, including robust planning arrangements, internal communication processes, and identification of possible future funding opportunities and co-producing partners.

Frantic Theatre Company Ltd 15

Trustees’ report 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

Looking ahead, the major risks we are experiencing include:

Operational

In 2021/22, the major risks were assessed to be the ongoing effect of the pandemic and the timeframe in which ‘normal’ producing and touring activity could resume and any subsequent impact on the charity’s finances. While we successfully pivoted to new ways of working in 2020/21, we need to remain vigilant, adaptable and responsive to ongoing developments. Frantic Assembly relies on co-production income to realise our productions. Any loss of such investment may have an impact on the scale at which we are able to create work. We seek to mitigate this risk by developing strong relationships with touring partner venues and establishing a network of hub partners across the UK and internationally. Our 2023/24 production of Metamorphosis will be co-produced with four UK partner venues, raising £120,000 of co-pro funds.

A significant proportion of the organisation’s turnover is generated by our Learn & Train activity, particularly working with schools. The effect of Covid-19 on school attendance had an impact on our ability to deliver workshops in schools and we experienced shortnotice postponement or cancellation of work within the year. We have mitigated some of this risk by developing online delivery which means we can work with schools which are socially distancing or whose geographic location makes in-person delivery problematic.

During 2021/22, the organisation, funded through a grant from the Garfield Weston Cultural Fund invested in the creation of Frantic Assembly Studio, a subscription-based learning resource for sale to schools which seeks to improve the quality of contemporary theatre-making teaching and also diversify our income streams. Judging that a return to a financially secure touring model would not be feasible until late 2022, the year was spent in the creation of digital content for inclusion on Frantic Assembly Studio, some of which was partly funded by the Garfield Weston funds and the rest through an Arts Council Project Grant.

Early indications for 2022/23 point to a return to near pre-pandemic levels of workshop activity and a return of international work. Advance box office for our autumn 2022 tour of Othello is also strong, and the audience and venue response to our work is positive, which is encouraging but not a reason for complacency.

Economic Uncertainty

The current economic climate is extremely challenging and the cost-of-living crisis, high inflation, the threat of recession and expected public spending cuts means that 2023 will be a difficult year for everyone. The potential squeeze on public spending combined with a reduction in households’ disposable income means both earned, raised and statutory income streams will be under pressure. All of this could materially impact Frantic Assembly, and we are working hard to mitigate through various methods.

Frantic Theatre Company Ltd 16

Trustees’ report 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

Economic Uncertainty (continued)

We were able to secure renewed NPO funding from Arts Council England for 2023-26 at our 2022/23 grant rate of £225,259 per annum, which gives a level of security as well as satisfying certain “hygiene” factors for fundraising. In 2021/22, the organisation secured an Arts Council Cultural Recovery Fund grant in Round Two to reflate reserves lost in 2019/20 which will support development of a new touring production for 2022/23.

The Frantic Assembly Studio platform, was released in September 2022 and is forecast to be taken up by at least 400 schools (state and independent) generating an income of £100,000 which would support the activity costs of 2022/23 onwards. While this forecast is felt to be achievable, based on Frantic Assembly’s position in education and our presence on the GCSE and A-Level syllabuses, take-up of subscriptions will need to be monitored carefully as any shortfall in income will have an effect on the organisation’s ability to invest in future productions and activities.

Approach to Fundraising

Frantic Assembly undertakes fundraising to help support its core artistic and learning and participation work. We raise funds from Trusts and Foundations and receive donations from private individuals.

All of our fundraising is undertaken by staff within the organisation; we do not use commercial participators or professional fundraisers.

As part of our commitment to good practice, we ensure that our fundraising activity is subject to statutory regulations and GDPR. We did not receive any complaints during the year in relation to our fundraising activity.

Trustees’ responsibilities statement

The Charity’s trustees (who are also directors for the purposes of company law) are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period.

In preparing these financial statements, the trustees are required to:

Frantic Theatre Company Ltd 17

Trustees’ report 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees’ responsibilities statement (continued)

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

Each of the trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

Signed on behalf of the trustees:

Chair of Trustees Trustee Mark Hawes Amit Kataria Approved on: 14 December 2022

Frantic Theatre Company Ltd 18

Independent auditor’s report 31 March 2022

Independent auditor’s report to the members of Frantic Theatre Company Ltd Opinion

We have audited the financial statements of Frantic Theatre Company Ltd (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Frantic Theatre Company Ltd 19

Independent auditor’s report 31 March 2022

Other information

The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Frantic Theatre Company Ltd 20

Independent auditor’s report 31 March 2022

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Frantic Theatre Company Ltd 21

Independent auditor’s report 31 March 2022

Auditor’s responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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

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

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

Frantic Theatre Company Ltd 22

Independent auditor’s report 31 March 2022

Auditor’s responsibilities for the audit of the financial statements (continued) A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

16 December 2022

Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Frantic Theatre Company Ltd 23

Statement of financial activities (including an income and expenditure account) Year to 31 March 2022

Notes
Unrestricted
funds
£
Restricted
funds
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Income from:
Donations and legacies
1
Charitable activities
. Operation of a theatre
company
2
Interest receivable
Other Sources
. Coronavirus Job Retention
Scheme
Total income
Expenditure on:
Charitable activities
. Operation of a theatre
company
3
Total expenditure
Net income (expenditure)
before transfers
5
Transfers between funds
14
Net income (expenditure)
and net movement in funds
5
Reconciliation of funds:
Total funds brought forward at
1 April 2021
Total funds carried forward at
31 March 2022
375,414

175,566
988
—		 59,269
1,666
—
—		 434,683
177,232
988
—		 226,466
105,238
1,691
89,984		 204,227
—
—
—		 430,693
105,238
1,691
89,984
551,968 60,935 612,903 423,379 204,227 627,606

504,338		 201,219 705,557 417,464 3,943 421,407
504,338 201,219 705,557 417,464 3,943 421,407

47,630

65,000		 (140,284)
(65,000)		 (92,654)
—		 5,915
—		 200,284
—		 206,199
—

112,630
387,915		 (205,284)
205,284		 (92,654)
593,199		 5,915
382,000		 200,284
5,000		 206,199
387,000
500,545 — 500,545 387,915 205,284 593,199

There were no recognised gains and losses other than those set out in the statement of financial activities above.

All of the charity’s income and expenditure derived from continuing activities during the above financial periods.

Frantic Theatre Company Ltd 24

Balance sheet as at 31 March 2022

Notes
2022
£		 2022
£		 2021
£		 2021
£
Fixed assets
Intangible fixed assets
8
Tangible fixed assets
9
Current assets
Stocks
10
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charity:
Restricted income funds
14
Unrestricted income funds
. Designated funds
13
. General funds


5,577

61,606
422,908		 65,000
2,522		 —
37,919
591,246		 —
—
67,522
433,023		 —
593,199
490,091

(57,068)		 629,165
(35,966)

500,545 593,199
—
120,000
380,545		 205,284
267,915
120,000
500,545 593,199

Approved by the trustees and signed on their behalf by:

Chair of Trustees Trustee Mark Hawes Amit Kataria Approved on: 14 December 2022

Frantic Theatre Company Ltd

Company Registration Number: 02989694 (England and Wales)

Frantic Theatre Company Ltd 25

Statement of cash flows Year to 31 March 2022

Notes
2022
£		 2021
£
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Interest received
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Net cash (used in) provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2021
B
Cash and cash equivalents at 31 March 2022
B
(101,577)		 240,844
(101,577) 240,844
988
(65,000)
(2,749)		 1,691
—
—
(66,761) 1,691
(168,338)

591,246		 242,535
348,711

422,908		 591,246

Notes to the statement of cash flows for the year to 31 March 2022.

A Reconciliation of net movement in funds to net cash used in operating activities

2022
£		 2021
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Interest receivable
(Increase) decrease in debtors
Increase in stocks
Increase (decrease) in creditors
Net cash(used in) provided by operating activities
(92,654)
227
(988)
(23,687)
(5,577)
21,102		 206,199
662
(1,691)
134,621
—
(98,947)
(101,577) 240,844

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2022
£		 2021
£
Cash at bank and in hand
Total cash and cash equivalents		 422,908 591,246
422,908 591,246

No separate reconciliation of net debt has been prepared as there is no difference between the net cash of the charity and the above cash and cash equivalents.

The principal accounting policies and notes on pages 27 to 42 form part of these statutory financial statements.

Frantic Theatre Company Ltd 26

Principal accounting policies Year to 31 March 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2022 with comparative information given in respect to the year ended 31 March 2021.

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with 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 (Charities SORP FRS 102), and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

The most significant areas of adjustment and key assumptions that affect items in the financial statements are in respect to:

With respect to the next reporting period, the the future impact of the ongoing Coronavirus pandemic remains the most significant area of uncertainty that may affect the carrying estimation of the Charity’s future income (and expenditure) flows.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.

Frantic Theatre Company Ltd 27

Principal accounting policies Year to 31 March 2022

Going concern (continued)

To make this assessment in relation to the preparation of the financial statements of Frantic Theatre Company Ltd for the year ended 31 March 2022, the trustees have considered the following evidence:

The trustees consider that the Charity’s process and controls are sufficiently robust for them to make informed decisions as to its current financial position, and its ability to react to possible adverse situations. In making that assessment, the trustees have considered the following:

Ability to adapt to adverse financial events

The organisation has the ability to successfully adapt to deal with adverse conditions, as demonstrated during the impact of the Covid-19 crisis in 2020. Activity was adapted, new income streams identified, and expenditure curtailed to offset the major loss of income.

Trustees have identified the following risks as part of the going concern assessment and the associated mitigation:

As of October 2022, the company’s funding from Arts Council England was renewed for funding period 2023-26 at £225,259 pa (the same rate as 2022/23).

Income targets are set prudently at 55% of financial capacity. Our current tour average is 63%. Our 2023/24 tour will visit the majority of venues on the current tour on comparable fees/deals.

Co-production deals of £120,000 have been secured to help fund origination costs and £120,000 of reserves are designated for future production origination. For comparison, the net cost of 2022/23 production is forecast at £24,000

Frantic Theatre Company Ltd 28

Principal accounting policies Year to 31 March 2022

Ability to adapt to adverse financial events (continued)

Fundraising will be undertaken well ahead of project go live dates, so that we are able to take a decision on whether to proceed or not. Past projects have been funded from reserves to make them happen, but in the future only projects that can be fully funded will be considered viable going forward.

Budgets are set prudently and accurately, both for income and expenditure to minimize risk of large variance. Budgets are monitored closely to ensure timely adjustments. Appropriate resources are identified to support income generation (e.g., marketing and promotion for Frantic Assembly Studio subscription sales).

Financial Management

The organisation has robust and appropriate process and controls in place to monitor financial performance during the year including:

Monthly and Quarterly budget and commitment control, including monthly cashflow forecasting.

Debt management – trade debtors are regularly reviewed and there are no systemic trends in non-payment which would give rise to Going Concern issues.

Financial Position

Trustees have considered the organisation’s current financial position including latest figures and post-year end information including breakdown of current reserves and assessment of reserves policy in relation to fixed cost base (e.g., how long could core costs be covered from unrestricted funds?)

In making their assessment of going concern, trustees have considered the financial forecasts for the period 1 April 2022 to 31 March 2024 including:

Frantic Theatre Company Ltd 29

Principal accounting policies Year to 31 March 2022

Financial Position (continued)

The charity has adequate cash reserves which are being actively monitored and managed and the trustees believe that these actions have secured the immediate future of the charitable company for 12 to 18 months from the balance sheet date and that on this basis the charity is a going concern.

Therefore, the trustees are of the opinion that the Charity has planned carefully in order to meet its liabilities as they fall due and, whilst they acknowledge that there will be challenges ahead, they are of the opinion that the use of the going concern assumption in the preparation of these financial statements is appropriate.

Income recognition

Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises donations and grants, income from charitable activities, interest receivable and income from the Government’s Coronavirus Job Retention scheme.

Donations are recognised when the Charity has confirmation of both the amount and settlement date.

In accordance with the Charities SORP, the value of services provided by volunteers has not been included.

Grants, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Grants from government, other agencies and voluntary bodies have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

Income from charitable activities represents the income from touring productions and the Charity’s Learn & Train educational activities, the sale of programs and merchandise, and royalties receivable and excludes Value-Added Tax. Income received in advance of theatrical performances or provision of educational services is deferred until the relevant performance or provision of the relevant services has taken place. Trading income from the sale of programs and merchandise during touring productions is recognised on receipt. Royalties are recognised when receivable under the terms of the relevant royalty agreement.

Frantic Theatre Company Ltd 30

Principal accounting policies Year to 31 March 2022

Income recognition (continued)

Interest in funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the expenditure on charitable activities.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support and governance costs are allocated directly to expenditure on charitable activities as it is considered that any apportionment to represent expenditure on raising funds would be immaterial.

Intangible fixed assets

Intangible fixed assets are stated at historic cost less accumulated amortisation. Amortisation is charged on a straight-line basis for the website over an estimate useful life of five years from the point at which the asset is brought into use.

Tangible fixed assets

Individual fixed assets with an estimated economic life of more than twelve months and a cost of over £1,000 are capitalised at cost.

Frantic Theatre Company Ltd 31

Principal accounting policies Year to 31 March 2022

Depreciation is provided at the following annual rates on a straight-line basis in order to write off each asset over its estimated useful life:

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. Debtors have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The unrestricted general funds comprise those monies which may be used towards meeting the charitable objectives of the Charity and may be applied at the discretion of the trustees.

The designated funds are monies set aside out of general funds for specific purposes by, and at the discretion of, the trustees.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Stock

Merchandise stock is held at the lower of cost and net realisable value.

Frantic Theatre Company Ltd 32

Principal accounting policies Year to 31 March 2022

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.

Pension costs

Contributions to defined contribution pension schemes and to employees’ personal pension plans are charged to the statement of financial activities in the year in which they are payable.

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 the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Taxation

Frantic Theatre Company Ltd is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The Finance Act 2014 introduced Theatre Tax Relief which allows the company to claim a payable tax credit against a percentage of allowable production expenditure incurred. Theatre tax relief is credited to the Statement of Financial Activities based on productions undertaken in the year which meet the criteria for relief and is shown within income from charitable activities, as detailed in note 2.

Frantic Theatre Company Ltd 33

Notes to the financial statements 31 March 2022

1 Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 2022
Total
funds
£
Arts Council England – NPO grant
Arts Council England – Cultural Recovery Funding
Arts Council England – Project Grant
Network for Social Change
Donations
2022 Total funds		 225,259
150,021
—
—
134		 —
—
35,299
15,000
8,970		 225,259
150,021
35,299
15,000
9,104
375,414 59,269 434,683
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Arts Council England – NPO grant
Garfield Weston Cultural Fund
Donations
2021 Total funds		 225,260
—
1,206		 —
200,000
4,227		 225,260
200,000
5,433
226,466 204,227 430,693

2 Income from charitable activities

Income from charitable activities
Unrestricted
funds
£		 Restricted
funds
£		 2022
Total
funds
£
Co-production income and touring fees
Learn and Train
Sale of programs and merchandise
Royalties
Sundry other income and reimbursements
2022 Total funds		 6,039
149,939
1,208
17,138
1,242		 —
1,666
—
—
—		 6,039
151,605
1,208
17,138
1,242
175,566 1,666 177,232
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Co-production income and touring fees
Learn and Train
Sale of programs and merchandise
Royalties
Sundry other income and reimbursements
2021 Total funds		 —
94,703
1,468
7,205
1,862		 —
—
—
—
—		 —
94,703
1,468
7,205
1,862
105,238 — 105,238

Frantic Theatre Company Ltd 34

Notes to the financial statements 31 March 2022

3 Expenditure on charitable activities

Expenditure on charitable activities
Unrestricted
funds
£		 Restricted
funds
£		 2022
Total
funds
£
Staff costs (note 7)
Creatives, cast, crew and practitioner fees
Travel, accommodation and subsistence
Production costs, including Learn and Train
Royalties and Commissions
Venue Hire
Training
Frantic Assembly Studio
Support and governance costs (note 4)
2022 Total funds		 257,798
76,362
27,214
38,638
2,903
2,461
1,240
—
97,722		 —
26,565
19,047
131,558
—
5,402
41
8,225
10,381		 257,798
102,927
46,261
170,196
2,903
7,863
1,281
8,225
108,103
504,338 201,219 705,557
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Staff costs (note 7)
Creatives, cast, crew and practitioner fees
Travel, accommodation and subsistence
Production costs, including Learn and Train
Royalties and Commissions
Venue Hire
Training
Support and governance costs (note 4)
2021 Total funds		 320,552
27,995
946
10,718
400
1,100
255
55,498		 —
—
—
3,943
—
—
—
—		 320,552
27,995
946
14,661
400
1,100
255
55,498
417,464 3,943 421,407

Frantic Theatre Company Ltd 35

Notes to the financial statements 31 March 2022

4 Support and governance costs

Support and governance costs
Unrestricted
funds
£		 Restricted
funds
£		 2022
Total
funds
£
Support costs
Printing, postage, stationery and advertising
Bank charges
Depreciation
Website redesign and maintenance
Professional fees
Equipment
Subscriptions
Storage
Recruitment
Office costs
Telephone and internet
Insurance
IT
Sundry expenditure
Governance costs
Auditor’s fees
Training
Professional fees
2022 Total funds		 209
761
227
804
3,750
540
2,821
8,910
3,215
35,477
3,647
3,260
4,210
2,397		 —
—
—
—
—
89
—
—
—
—
—
—
5,975
1,317		 209
761
227
804
3,750
629
2,821
8,910
3,215
35,477
3,647
3,260
10,185
3,714
70,228
10,450
12,580
4,464		 7,381
—
—
3,000		 77,609
10,450
12,580
7,464
27,494 3,000 30,494
97,722 10,381 108,103
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Support costs
Printing, postage, stationery and advertising
Bank charges
Depreciation
Equipment
Subscriptions
Storage
Office costs
Telephone and internet
Insurance
IT
Sundry expenditure
Governance costs
Auditor’s fees
Professional fees
2021 Total funds		 45
818
662
235
2,068
5,346
28,166
2,102
3,033
2,363
2,100		 —
—
—
—
—
—
—
—
—
—
—		 45
818
662
235
2,068
5,346
28,166
2,102
3,033
2,363
2,100
46,938
7,100
1,460		 —
—
—		 46,938
7,100
1,460
8,560 — 8,560
55,498 — 55,498

Frantic Theatre Company Ltd 36

Notes to the financial statements 31 March 2022

5 Net income (expenditure) and net movement in funds

This is stated after charging:

Total
2022
£		 Total
2021
£
Staff costs (note 7)
Auditor’s remuneration
. Statutory audit services
. Taxation services
. Other services
Depreciation
Operatinglease rentals		 257,798
6,200
1,350
2,900
227
24,496		 320,552
5,950
—
1,150
662
29,616

6 Taxation

Frantic Theatre Company Ltd is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The Finance Act 2014 introduced Theatre Tax Relief which allows the company to claim a payable tax credit against a percentage of allowable production expenditure incurred. Theatre tax relief is credited to the Statement of Financial Activities based on productions undertaken in the year which meet the criteria for relief and would be shown within income from charitable activities, as detailed in note 2, when eligible activity occurs.

7 Staff costs and trustee remuneration

Staff costs and trustee remuneration
2022
£		 2021
£
Wages and salaries
Social security costs
Pension costs		 232,931
17,731
7,136		 290,510
21,001
9,041
257,798 320,552

No employees received remuneration in excess of £60,000 during the year (2021 – none).

The charity trustees received no remuneration from the charity during the year (2021 – £Nil), nor were they reimbursed expenses during the year (2021 – £Nil). No trustee received payment for professional or other services supplied to the charity.

The key management personnel of the charity comprise the trustees, Executive Director and Artistic Director. The total employee benefits received by the key management personnel of the charity, including employer’s pension contributions and employer’s National Insurance contributions, amounted to £121,507 (2021 – £121,524).

Frantic Theatre Company Ltd 37

Notes to the financial statements 31 March 2022

7 Staff costs and trustee remuneration (continued)

Staff numbers

The average number of employees (including casual and part time staff) during the year was:

2022
Number		 2021
Number
Charitable activities
Administration		 7
2		 6
3
9 9

8 Intangible fixed assets

Website
£
Cost
At 1 April 2021
Additions
31 March 2022
Depreciation
At 1 April 2021
Charge for year
At 31 March 2022
Net book values
At 31 March 2022
At 31 March 2021		 —
65,000
65,000
—
—
—
65,000
—

Frantic Theatre Company Ltd 38

Notes to the financial statements 31 March 2022

9 Tangible fixed assets

Fixtures
and
equipment
£
Cost
At 1 April 2021
Additions
31 March 2022
Depreciation
At 1 April 2021
Charge for year
At 31 March 2022
Net book values
At 31 March 2022
At 31 March 2021		 31,401
2,749
34,150
31,401
227
31,628
2,522
—
Stocks 2022
£		 2021
£
Merchandise stock 5,577 —
5,577 —
Debtors 2022
£		 2021
£
Trade debtors
Other debtors
VAT recoverable
Prepayments and accrued income		 38,290
8,253
2,457
12,606		 9,090
9,857
4,388
14,584
61,606 37,919

10 Stocks

11 Debtors

Frantic Theatre Company Ltd 39

Notes to the financial statements 31 March 2022

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022
£		 2021
£
Trade creditors
Other creditors and accruals
Deferred income
Social security and other taxes		 23,511
9,453
21,489
2,615		 372
9,123
22,469
4,002
57,068 35,966

Deferred income compromises advance payments received for workshops and residencies cancelled due to COVID-19:

2022
£		 2021
£
At 1 April 2021
Amount released to income from charitable activities
Amount deferred in year
At 31 March 2022		 22,469
(980)
—		 21,839
—
630
21,489 22,469

13 Designated funds

Designated funds
At 1
April
2021
£		 New
designations
£		 Utilised/
released
£
(127,915)
(10,000)
(10,000)
(147,915)		 At 31
March
2022
£
120,000
—
—
120,000
Designated funds
Future productions fund
Learning and Participation fund
Organisational development fund		 247,915
10,000
10,000		 —
—
—
267,915 —
At 1
April
2020
£		 New
designations
£		 Utilised/
released
£
—
(27,541)
(51,760)
(79,301)		 At 31
March
2021
£
247,915
10,000
10,000
267,915
Designated funds
Future productions fund
Learning and Participation fund
Organisational development fund		 162,037
37,541
61,760		 85,878
—
—
261,338 85,878

The Future productions fund represents funds set aside for the creation of future touring productions.

The Learning and Participation fund has been set aside for the development of educational activities, including Learn and Train programmes.

The Organisational Development Fund represents funds set aside to support future investment in the charity’s organisational capacity.

Frantic Theatre Company Ltd 40

Notes to the financial statements 31 March 2022

13 Designated funds (continued)

Following a review of the charity’s reserves policy, each of the designated funds have been released in 2021/22 and these funds now forms part of the overall free reserves policy, with the exception of £120,000 allocated to the Future Productions fund, which represents an amount awarded as part of the Arts Council’s Cultural Recovery grant in 2021/22 to reflate reserves and be ring-fenced to support the origination of Metamorphosis .

14 Restricted funds

Restricted funds
At 1
April
2021
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
March
2022
£
Ignition fund
Frantic Assembly Studio
fund
Arts Council England –
Project Grant		 5,284
200,000
—		 25,636
—
35,299		 (30,920)
(135,000)
(35,299)		 —
(65,000)
—		 —
—
—
205,284 60,935 (201,219) (65,000) —
At 1
April
2020
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
March
2021
£
Ignition fund
Frantic Assembly Studio
fund		 5,000
—		 4,227
200,000		 (3,943)
—		 —
—		 5,284
200,000
5,000 204,227 (3,943) — 205,284

The Ignition fund represents funds restricted to support the delivery of activity relating to Ignition, our nationwide talent development programme for young people aged 16-24.

The Frantic Assembly Studio fund represents a grant received from the Garfield Weston Cultural Fund to support the creation on an online subscription platform for schools and the digital capture of content and resources to support the study of drama and physical theatre. The transfer of £65,000 relates to the website development costs capitalised during the year.

The Arts Council England – Project Grant represents a grant received from Arts Council England in order to re-mount and film the stage production of I Think We Are Alone .

Frantic Theatre Company Ltd 41

Notes to the financial statements 31 March 2022

15 Analysis of net assets between funds

Year ended 31 March 2022 General
funds
£		 Designated
funds
£		 Restricted
funds
£		 Total
£
Tangible fixed assets
Intangible fixed assets
Cash at bank and in hand
Other net current assets		 2,522
65,000
302,908
10,115		 —
—
120,000
—		 —
—
—
—		 2,522
65,000
422,908
10,115
380,545 120,000 — 500,545
Year ended 31 March 2021 General
funds
£		 Designated
funds
£		 Restricted
funds
£		 Total
£
Cash at bank and in hand
Other net current assets		 118,047
1,953		 267,915
—		 205,284
—		 591,246
1,953
120,000 267,915 205,284 593,199

16 Related party transactions

One departing trustee was provided with a photograph and a frame for her services to the charity; the total cost including overseas postage of this gift was £129 (2021 – £nil).

During the year, the trustees made aggregate donations to the charity of £5,148 (2021 – £398).

17 Leasing commitments

The future minimum operating lease commitments are as follows:

2022
£
—
—		 2021
£
24,677
24,677
Land and buildings
Within one year

18 Ultimate Control and liability of members

The charitable company is under the control of the board of trustees, and no individual is a person of significant control.

The Charity is constituted as a company limited by guarantee. In the event of the Charity being wound up, members are each required to contribute an amount not exceeding £1.

Frantic Theatre Company Ltd 42