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2023-03-31-accounts

Frantic Theatre Company Ltd

Trustees’ report and Financial Statements

31 March 2023

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

Charity Registration Number 1113716

Reports
Chair’s Statement 3
Report of the trustees 5
Independent auditor’s report 22
Financial Statements
Statement of financial activities 27
Statement of financial position 28
Statement of cash flows 29
Principal accounting policies 30
Notes to the financial statements 37

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
Dorcas Morgan (appointed 5 May 2022)
Joanna Read
Denzel Westley-Sanderson
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 (Closed on 1[st] December 2022)

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

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Chair’s statement 31 March 2023

Chair’s Statement

The following Report of the Trustees and the Financial Statements of Frantic Assembly for the year ended 31 March 2023 present a picture of increased activity across all of the company’s purposefully inter-connected areas of artistic and educational operation:

These activities served our charitable objectives: to create thrilling, energetic, unforgettable and high-quality theatre – reaching audiences across the UK, as well as attracting new audiences internationally; and to break down barriers to ensure that contemporary theatre is accessible, relevant and open to everyone, including people who may perceive that theatre is not for them.

The company expended some of its charitable reserves owing to the net effect of the costs of launching Frantic Assembly Studio on a paid-for-subscription model while building a subscriber base from scratch and the costs of running Ignition. Nevertheless, the company ended the financial year in a robust reserves-position, and Frantic Assembly Studio is anticipated to generate a surplus and contribute positively to reserves in the future.

Towards the end of the year, we were jubilant to be notified by Arts Council England (ACE) of the success of our application for renewed funded-status as a National Portfolio Organisation (NPO) – for 2023 to 2026 – in recognition of the harmony of our strategy with ACE’s national Let’s Create strategy. While we must continue to raise funds from other sources to realise our strategy in full, our NPO status puts us on a reasonably sure footing to plan much of our work over the next three years, and we are immensely grateful to ACE for that.

On behalf of the company, I would also like to express our gratitude to:

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Chair’s statement 31 March 2023

Chair’s Statement (continued)

On behalf of the Board of Trustees, I would like to thank our colleagues who make it all happen: our internationally renowned and visionary Artistic Director, Scott Graham; our Executive Director, Kerry Whelan; and our other full-time staff who now direct and manage our UK-wide and overseas activities from space in south London’s brand-new theatre and vibrant creative hub, Brixton House.

Mark Hawes Chair

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Trustees’ report 31 March 2023

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 2023.

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 30 to 36 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

We made a welcome return to touring activity in 2022/23 after a prolonged hiatus following the pandemic. While the time away from touring was both strategically and operationally positive, it was nevertheless good to be back in front of live audiences with our highly successful remount of Othello.

We saw activity levels across all areas of operation return to pre-pandemic levels during the year and were once again able to run our flagship programmes, which only 18 months previously had seemed a distant prospect. Our Learn and Train programmes bounced back from the much quieter levels of the year before and we were able to establish new international contacts for our schools’ workshops and our Train activity.

The development work we had undertaken on our digital output, and in particular the creation of Frantic Assembly Studio - our online teaching resource - came to fruition in the year with the launch of the platform. This represents a step-change in the organisation’s relationship with schools and education and, we hope, will help bridge the gap between the professional rehearsal studio and the classroom. Frantic Assembly Studio launched in October 2022, slightly delayed from the September go-live date planned owing to the complexity of the platform and the creation of the content for it. While this did impact on the income target for the year, the response to the platform has been universally positive from schools and all the teachers who are using it.

In the closing months of the year, we received confirmation of our successful retention as an Arts Council England National Portfolio Organisation. In an ever-uncertain economic environment, this was a welcome and positive reassurance and means that we are able to plan with some confidence for the next three years.

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Trustees’ report 31 March 2023

2022-23 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

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Trustees’ report 31 March 2023

OBJECTIVES AND ACTIVITIES (continued)

Core Aims and Objectives

REVIEW OF ACTIVITY AND ACHIEVEMENTS

ARTISTIC ACTIVITY

In our application to the Arts Council National Portfolio we outlined a body of artistic work over the next three to four years. The first production in this plan was a remount of our highly popular and successful adaptation of Othello, first staged in 2008 and last revived in 2014. Our 2022-23 version formed part of a strand of work we term Iconic: shows that we consider iconic either because of their title, or the reception they have received over the years, or both.

Othello

The production was co-produced in association with Curve Leicester and opened there in September 2022 before embarking on a 13-week tour across 10 venues. Our concerns about whether audiences would return in sufficient numbers were, thankfully, unfounded as we exceeded our audience forecasts and played to an average capacity of 78% across the 101 performances.

The tour visited Curve Leicester, Liverpool Playhouse, Theatre Royal Plymouth, York Theatre Royal, Yvonne Arnaud Theatre Guildford, Oxford Playhouse, The Lowry Salford Quays, MAST Mayflower Studios Southampton, Connaught Theatre Worthing, and Lyric Hammersmith Theatre.

The production was well received by critics and audiences alike, receiving numerous 5- and 4-star reviews:

“Brute force speaks volumes in Frantic Assembly’s breathtaking Othello ”. The Observer

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Trustees’ report 31 March 2023

REVIEW OF ACTIVITY AND ACHIEVEMENTS ( continued)

“…urgent, abrasive and thrilling.” 4 Stars The Guardian

“…this new revival feels more relevant than ever…. Director Graham and his team know exactly what they’re doing: this Othello sucks you in”. 4 Stars The Stage

“A powerful, punchy and poignant Othello which will leave you wanting all of Shakespeare’s classics to get the Frantic Assembly treatment, superb!” 5 Stars Opening Night Reviews

Amongst the cast and company were five past Ignition Graduates – David Gilbert (2009) Associate Director, Perry Johnson (2012) Co-choreographer, Joe Layton (2008) playing Iago, Felipe Pacheco (2017) playing Roderigo and Oliver Baines (2019) playing Montano.

Chanel Waddock, who played Desdemona, was nominated for the 2023 Ian Charleson Awards.

Performance Statistics

Comparison of Performances and attendance pre and post pandemic, 2018/19 – 2022/23

Year Venues Performances Attendance Attendance
%
2022/23 10 101 45,211 78%
2021/22 - No touring owing to COVID-19 - -
2020/21 - No touring owing to COVID-19 - -
2019/20* 4 44 15,232 58%
2018/19 11 112 34,474 73%

*Scheduled tour was cancelled owing to COVID-19 restrictions. Total for the whole tour was 11 venues with 102 performances. Tour venues completed within 2019/20 numbered 4 with 44 performances. Attendance % is at point of tour cancellation, 16[th] March 2020. No touring was undertaken in 2020/21 and 2021/22.

PARTICIPATION

Learn and Train

The accessibility of the Frantic Method, our distinctive approach to devising theatre, has empowered 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.

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REVIEW OF ACTIVITY AND ACHIEVEMENTS (continued)

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

Our commitment to Learn and Train has been liberating the potential of future theatre makers for nearly 30 years and has engaged people from all walks of life. Our programmes are available in the UK and internationally throughout the year.

Learn Programme

Our delivery of schools’ workshops returned to pre-pandemic levels and despite industrial action by teachers and disruption to rail travel that presented logistical complications to our delivery, we undertook 277 workshops with schools in the UK and a further 22 sessions abroad, including in-person residencies with schools in Berlin, Munich and The Hague. We also delivered a four-week residency with the Sharjah Performing Arts Academy in U.E.A and two weeks of workshops with Dulwich College in South Korea and Malaysia. We also delivered an online workshop series with Wellington College in Shanghai.

We continued our relationship with London Southbank University, delivering a programme of four five-day residencies with 2[nd] year performing arts undergrads. We also worked on a new collaboration with United Learning, working with 10 schools each in London and Salford on Devising and Physicality workshops and teacher training which culminated in a shared performance in both cities.

To support our performances of Othello at Lyric Hammersmith Theatre, our practitioners worked with four schools based in West London to create short pieces inspired by the show which were performed as a curtain raiser at the theatre.

Train Programme

Summer 2022 saw the return of our popular International Summer School. Last run in 2019, this year’s Summer School was run as a residential course at Rose Bruford College. Such was demand for the course that we created an additional cohort, running two Create and one Train cohort, with a total of 36 participants across the three cohorts.

Owing to the high demand for places from Summer School applicants in the US, in January 2023 we successfully trialled the same model in Los Angeles, in partnership with California State University Long Beach. The Course was fully booked and attracted participants from all over North America. We followed up our US ‘Winter’ School with a residency at University of Utah and an open programme of workshops in New York run in conjunction with the Actors Movement Studio and Fiasco Theater.

We returned to a full programme of in-person Train courses in 2022/23, running an Introductory course in April and Intermediate and Advance courses in November, all at our new Brixton House Theatre base.

We adapted our online Masterclass series, developed during the pandemic, into an inperson offering and ran a course in Blackpool in July and London in September.

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REVIEW OF ACTIVITY AND ACHIEVEMENTS (continued)

We ran Teacher training CPD workshops in Southampton and London. In total we delivered 61 sessions working with 1,787 people.

Ignition

Ignition is our flagship, free, nationwide talent development programme for young people aged 16-24. Working with 12 regional partners across the UK, we seek out underrepresented talent in unexpected places. Through a series of taster workshops and trials, we select 24 young people to participate in an Intensive Week during October half term, when they come together for the first time to create an original devised work in just five days. The work is performed in front of a public audience.

The programme had been forced to operate on a reduced and scaled-back version since 2019, owing to the pandemic. This year we were able to return to the full programme and also introduce some changes from the previous format. Originally designed to encourage young men, particularly those from working class backgrounds, into the arts, Ignition is now open to men and women and those who identify as such. We still champion those young people who experience barriers to participation in the arts owing to social and economic factors.

Ignition 2022 engaged with a total of 1074 young people across the UK in a total of 53 Taster and Trial workshops. The Intensive Week, attended by 24 participants, was a huge success and the performances, staged at our Brixton House Theatre base, were positively received by an appreciative audience, including a Deputy Lieutenant (Crown representative) for Greater London. The programme, Artistic Director Scott Graham and some of the participants were featured in a piece broadcast on BBC Radio 4’s Front Row.

DIGITAL AND CREATIVE MEDIA

Frantic Assembly Studio

In October 2022, we launched the much-anticipated Frantic Assembly Studio, our online subscription platform for schools designed to support teachers and students to understand and work with the Frantic Method and bridge the gap between the professional rehearsal room and the classroom.

We launched the platform with over 16 hours of content, including warmups, workshop exercises, exploration of devising methods and behind-the-scenes footage of rehearsals and interviews with industry professionals. To date, we have over 100 schools subscribed and add new schools weekly.

We filmed our touring production of Othello in February 2023 and have since added this recording to the Studio. This enables students to rewatch a performance they may have seen live in the theatre and greatly assists with elements of the GCSE, BTEC and A Level syllabus.

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REVIEW OF ACTIVITY AND ACHIEVEMENTS (continued)

The advent of Frantic Assembly Studio also saw us deepening our relationship with Digital Theatre Plus, a leading provider of online educational resources. In a unique deal Frantic Assembly Studio content has been licensed to Digital Theatre Plus and is now carried on its streaming platform in all international territories (excluding the UK), placing our content in thousands of schools across the world.

Feedback from schools using Frantic Assembly Studio:

“Our students love working with Frantic and this platform has made it feel as if you are in the classroom with us!” Thank you.” Newent Community School and Sixth Form

“A game changer…! ” Cathedral Academy Wakefield

Social Media Statistics

Platform Subscribers
2020/21		 Subscribers
2021/22		 Subscribers
2022/23
Facebook 12,382 14,452 14,977
Twitter 34,748 35,100 35,098
Instagram 23,416 25,500 29,400
YouTube 6,820 7,370 7,968
Vimeo 176 191 201

The total number of viewings of our YouTube content for the year was 177,511. The total number of viewings of our Vimeo content was 153,700 for the year.

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Trustees’ report 31 March 2023

FINANCIAL REVIEW

The charity’s total income for the year was £1,087,849 (2022 – £612,903). Total expenditure amounted to £1,265,219 (2022 – £705,557). The charity’s deficit for the year was therefore £177,370 (2022 – deficit of £92,654). When combined with funds brought forward, the charity’s total reserves as at 31 March 2023 stood at £323,175 (2022 – £500,545).

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

Percentage Percentage
of total of total
2022/23 income 2021/22 income
Earned income* £861,876 79% £178,220 29%
Donations £714 - £9,104 2%
Restricted grants £nil - £50,299 8%
Arts Council England Cultural
Recovery funding grant		 £nil - £150,021 24%
Arts Council England NPO
funding grant		 £225,259 21% £225,259 37%
Total income £1,087,849 £612,903

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 Administration and Overhead expenditure, including salaries. 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 2023 would be £100,848 to £201,695, based on the current year’s unrestricted expenditure.

Of the total reserves of £323,175 (2022 – £500,545), £nil (2022 – £nil) was restricted. £120,000 of funds have been designated, or set aside, by the trustees for specific purposes (2022 – £120,000).

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FINANCIAL REVIEW (continued)

Reserves Policy (continued)

Unrestricted general funds amounted to £203,175 (2022 – £380,545), of which £53,606 (2022 – £67,522) constituted fixed assets. Free reserves were therefore £149,569 (2022 – £313,023), which is in line with the target level for such reserves mentioned above.

PLANS FOR THE FUTURE

ARTISTIC ACTIVITY

Metamorphosis

Our touring production for 2023/24 is an adaptation of Kafka’s novella Metamorphosis, adapted by poet and author Lemn Sissay OBE and directed by Scott Graham.

The show is co-produced with Theatre Royal Plymouth, Curve Leicester, MAST Mayflower Studios Southampton and Lyric Hammersmith Theatre. It opens at Theatre Royal Plymouth in early September and then tours to the following venues over a 13-week tour:

Curve Leicester, MAST Southampton, Connaught Theatre Worthing, Theatre Royal York, Liverpool Playhouse, Northern Stage Newcastle, Mercury Theatre Colchester, The Lowry Salford Quays, Yvonne Arnaud Theatre Guildford, Bristol Old Vic, Belgrade Theatre Coventry and closes with a four-week run at Lyric Hammersmith Theatre.

We have compiled an exciting creative team to work on the production:

Adaptor Lemn Sissay OBE
Director Scott Graham
Associate Director David Gilbert
Designer Jon Bausor
Lighting Designer Simisola Majekodunmi
Video Designer Ian William Galloway
Composer Stefan Janik
Sound Designer Helen Skiera
Costume Designer Becky Gunstone
Casting Director Will Burton CDG

The cast will be:

Gregor – Felipe Pacheco, Grete – Hannah Sinclair-Robinson, Father – Troy Glasgow, Mother – Louise Mai Newberry, Chief Clerk/Lodger – Joe Layton.

Softly Falling

During the year we will continue to develop our touring production for 2024/25, provisionally titled Softly Falling, and based on our relationship to snow and linked to memory and escapism. Our intention is that this will be a boldly physical, highly visual, image-led production that celebrates the Frantic Assembly tradition, as we enter our 30th anniversary year, whilst also deconstructing what the essence of a Frantic Assembly show is as we explore how and why we make work.

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PLANS FOR THE FUTURE (continued)

The show will be co-produced with a group of venues including Lyric Hammersmith Theatre, MAST Mayflower Studios Southampton and Mercury Theatre Colchester, where it will open in September 2024.

PARTICIPATION

Following the successful build-back of our Learn and Train activity during the past year, we expect to see UK schools-based workshops continue at pre-pandemic levels. In 2023/24 we will be developing our international offer and look to return to territories that were on our regular circuit pre-2020 and aim to add more. The inclusion of Frantic Assembly Studio content on Digital Theatre Plus international platforms will introduce us to potential new clients, especially in the North American market where Digital Theatre Plus is particularly active.

Learn and Train Programmes

We will continue to offer our usual programme of 2, 4 and 6-hour workshops in Devising and Physicality and will add tailored workshops to accompany our Metamorphosis tour. We will once again work with Lyric Hammersmith Theatre on a schools wrap-around project with West London schools, exploring the themes of the show.

In May 2023 we visited New Zealand and Australia delivering a series of Learn and Train activity with schools, teachers, artists and venues. We delivered our first ever public workshops in New Zealand, working with Out East Creative (following a contact made at our 2022 International Summer School). Our practitioners also worked in Perth, Melbourne and Adelaide and with the New South Wales Arts Unit.

Our International Summer School will return in July 2023 and will take place at LAMDA. We will be welcoming participants from USA, Canada, France, Spain and Turkey amongst others.

Our Train programme will see us run Introductory, Intermediate, and Teacher Training activity in both London and with regional partners including Manchester Royal Exchange and MAST Mayflower Studios Southampton.

During the year we shall also be working with the following establishments:

Sharjah Performing Arts Academy, Dulwich College, Singapore Rep, Nashville Rep and London Southbank University

Ignition

Ignition will return for 2023 with new partners Brixton House Theatre, National Theatre of Scotland and Mercury Theatre Colchester.

We are currently fundraising for the programme for multi-year funding to secure the future of Ignition and aid long-term planning. To date we have received a grant from Backstage Trust.

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PLANS FOR THE FUTURE (continued)

DIGITAL AND CREATIVE MEDIA

Frantic Assembly Studio

During the year we will focus on raising awareness of the platform and increasing subscriptions. We plan to record a performance of Metamorphosis to include on the platform together with some supporting, behind-the-scenes content, and this will be completed at the end of the tour in February/March 2024.

Frantic Digital

Frantic Digital was our free-to-access content that was first created in 2020 in response to the pandemic, and our desire to provide information and resources for our audiences and in particular teachers and students studying Drama at GCSE and A Level.

Our focus for Frantic Digital now is on developing content around our touring productions, providing insight and access to the creative process and engaging with audiences. We propose to create an interactive online task that people can share online, which will share thematic elements with Metamorphosis.

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
Dorcas Morgan Appointed 5 May 2022
Joanna Read
Denzel Westley-Sanderson
Company secretary
KerryWhelan

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.

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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

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 2022/23, the number of trustees was six. 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.

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. The board appoints working groups from time to time to assist it in its supervisory role; such working groups report to the board. In April 2021, the board established a working group, the Financial Controls, HR and Risks (FHRISK) working group, comprising three trustees (including the Chair) and the Executive Director, with a remit to conduct a review of risks and internal policies and to report to the board, together with any recommendations to update those policies.

Following satisfactory completion of this exercise and consequential updating of policies, the board resolved on 27 February 2023 that the FHRISK working group should be constituted, in accordance with the company's Articles of Association, as a standing committee of the board in order to support the board and the Executive Director in their responsibilities for ensuring the adequacy of all risk management, internal controls and governance arrangements. The committee was given new terms of reference, incorporating obligations to report and make recommendations to the board.

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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisation (continued)

This was in recognition of the need, as in any charity, for continued, robust monitoring of risk to safeguard the funds, assets and the reputation of Frantic Assembly.

The committee has two functions: -

The committee advises the board on, amongst other matters: the planned activity and results of external audit and the adequacy of management response to issues identified by audit activity; policies for HR, counter-fraud and cyber / information security; and upholding standards of propriety in Frantic Assembly’s business and achievement of value for money.

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 2022/23, the other team members included a full-time Head of Learning and Participation, a General Manager, a Learning & Participation Producer, a Learning Coordinator, and an Administrator.

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.

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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Key management personnel and pay policy for senior staff (continued)

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.

While the risk profile in 2022/23 was still based around the impact of COVID-19, the major risks faced by the organisation in 2023/24 onwards are related to the uncertain economic environment and, in particular, the ongoing cost of living crisis, inflation and wage stagnation, all of which impacts our audiences’ capacity to buy tickets. We rely on earned income from venue fees and box office returns of our touring productions to cover our touring and production costs. Box office income for our last tour, Othello (our first stage work since 2020), exceeded our targets and in the majority of venues we were able to exceed our guaranteed fee and benefit from box office share. The success of Othello helps our future work. Advance box office for our autumn 2023 tour of Metamorphosis is strong, and the audience and venue response to our work is positive. While this is encouraging, it is not a reason for complacency.

Alongside Box Office income, Frantic Assembly relies on co-production income to realise our productions. Loss or a significant reduction in 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 coproduced with four UK partner venues, raising £120,000 of co-pro funds. Our 2024/25 production, Softly Falling, will adopt the same model, and negotiations with co-producers are progressing.

A return of COVID-19 or a variant or some other pandemic remains a risk and would undoubtedly have a major impact on the organisation. However, while audience confidence seems to be returning, we feel confident to proceed with our activity plans. We have demonstrated that we are able to adapt and pivot to alternative forms of delivery if required and could do so again if necessary.

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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

A significant proportion of the organisation’s turnover is generated by our Learn & Train activity, particularly working with schools. The uptake of workshops by schools in 2022/23 gives us reason to be cautiously optimistic about the next year, but the Education Sector and particularly arts teaching remains precarious. In addition, Industrial action by teachers as well as by transport workers has adversely affected delivery in 2022/23 and could do so once again. To date though we do not any decrease in demand for our workshops. There is reason to believe these might even increase as we increase the exposure of our offering to international markets through partnership with Digital Theatre Plus.

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 seek to improve the quality of contemporary theatremaking teaching and also diversify our income streams. Launched in October 2022, the platform is still in its infancy, and we are building a subscription base. Our forecast of a per annum income of £100,000 will take time to achieve (estimate 2-3 years), but we have supplemented this UK income with royalties from international sales of licensed content, via our partner, Digital Theatre Plus.

We secured 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. Raising funds from Trusts and Foundations has become highly competitive and requires a significant investment of time. However, we have highly regarded projects with a demonstrable record of success, that meet many funders’ criteria for support so we will continue to pursue these funds.

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.

Frantic Theatre Company Ltd 19

Trustees’ report 31 March 2023

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:

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.

Frantic Theatre Company Ltd 20

Trustees’ report 31 March 2023

Trustees’ responsibilities statement (continued)

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: 24th July 2023

Frantic Theatre Company Ltd 21

Independent auditor’s report 31 March 2023

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 2023 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 22

Independent auditor’s report 31 March 2023

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 23

Independent auditor’s report 31 March 2023

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 24

Independent auditor’s report 31 March 2023

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

How the audit was considered capable of detecting irregularities including fraud

(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 25

Independent auditor’s report 31 March 2023

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

How the audit was considered capable of detecting irregularities including fraud

(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.

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

Date: 21 August 2023

Frantic Theatre Company Ltd 26

Statement of financial activities (including an income and expenditure account) Year to 31 March 2023

Notes Unrestricted
funds
**£ **
Restricted
funds
£		 Total
2023
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£
Income from:
Donations and legacies
1
Charitable activities
. Operation of a theatre
company
2
Interest receivable
Total income
Expenditure on:
Charitable activities
. Operation of a theatre
company
3
Total expenditure
Net (expenditure) income
before transfers
5
Transfers between funds
14
Net (expenditure) income
and net movement in funds
5
Reconciliation of funds:
Total funds brought forward at
1 April 2022
Total funds carried forward at
31 March 2023		 225,535
860,275
**1,601 **
438

—

—		 225,973
860,275
1,601		 375,414
175,566
988		 59,269
1,666
—		 434,683
177,232
988
**1,087,411 **
438		 1,087,849 551,968 60,935 612,903
**1,264,781 **
438		 1,265,219 504,338 201,219 705,557
**1,264,781 **
438		 1,265,219 504,338 201,219 705,557
(177,370)
**— **
—

—		 (177,370)
—		 47,630
65,000		 (140,284)
(65,000)		 (92,654)
—
(177,370)
**500,545 **
—

—		 (177,370)
500,545		 112,630
387,915		 (205,284)
205,284		 (92,654)
593,199
**323,175 **
—		 323,175 500,545 — 500,545

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 27

Balance sheet as at 31 March 2023

Notes
2023
£		 2023
£		 2022
£		 2022
£
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


3,900

159,671
194,621		 52,000
1,606		 5,577
61,606
422,908		 65,000
2,522
53,606
269,569		 67,522
433,023
358,192

(88,623)		 490,091
(57,068)

323,175 500,545
—
120,000
203,175		 —
120,000
380,545
323,175 500,545

Approved by the trustees and signed on their behalf by:

Chair of Trustees Trustee Mark Hawes Amit Kataria Approved on: 24th July 2023

Frantic Theatre Company Ltd

Company Registration Number: 02989694 (England and Wales)

Frantic Theatre Company Ltd 28

Statement of cash flows Year to 31 March 2023

Notes
2023
£		 2022
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Interest received
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2022
B
Cash and cash equivalents at 31 March 2023
B

**(229,888) **		 (101,577)
**(229,888) ** (101,577)


1,601
—
—		 988
(65,000)
(2,749)
1,601 (66,761)

(228,287)


422,908
 (168,338)
591,246

194,621		 422,908

Notes to the statement of cash flows for the year to 31 March 2023

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

2023
£		 2022
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Amortisation
Interest receivable
Increase in debtors
Decrease (increase) in stocks
Increase in creditors
Net cash used in operating activities		 (177,370)
916
13,000
(1,601)
(98,065)
1,677
31,555		 (92,654)
227
—
(988)
(23,687)
(5,577)
21,102
(229,888) (101,577)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2023
£		 2022
£
Cash at bank and in hand
Total cash and cash equivalents		 194,621 422,908
194,621 422,908

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 30 to 46 form part of these statutory financial statements.

Frantic Theatre Company Ltd 29

Principal accounting policies Year to 31 March 2023

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 2023 with comparative information given in respect to the year ended 31 March 2022.

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 future impact of the cost of living crisis and the effect on audiences and clients 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.

To make this assessment in relation to the preparation of the financial statements of Frantic Theatre Company Ltd for the year ended 31 March 2023, the trustees have considered the following evidence:

Frantic Theatre Company Ltd 30

Principal accounting policies Year to 31 March 2023

Going concern (continued)

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:

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 tour average for Othello in 2022/23 was 59%. 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. The net cost of our 2022/23 production was (£900) compared to budget forecast of (£13,668)

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 secure a majority % of raised income will be considered viable, to protect the reserve position.

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).

Frantic Theatre Company Ltd 31

Principal accounting policies Year to 31 March 2023

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 2023 to 31 July 2024 including:

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.

Frantic Theatre Company Ltd 32

Principal accounting policies Year to 31 March 2023

Income recognition (continued)

Income comprises donations and grants, income from charitable activities and interest receivable.

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.

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.

Frantic Theatre Company Ltd 33

Principal accounting policies Year to 31 March 2023

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.

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:

♦ Fixtures and equipment – 33 ⅓ % on cost

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. 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.

Frantic Theatre Company Ltd 34

Principal accounting policies Year to 31 March 2023

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.

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.

Frantic Theatre Company Ltd 35

Principal accounting policies Year to 31 March 2023

Taxation (continued)

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 36

Notes to the financial statements 31 March 2023

1 Donations and legacies

Donations and legacies
Unrestricted
funds
£
Restricted
funds
£		 2023
Total
funds
£
Arts Council England – NPO grant
Donations
2023 Total funds		 225,259
276		 —
438		 225,259
714
225,535 438 225,973
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

2 Income from charitable activities

Unrestricted
funds
£
Restricted
funds
£		 2023
Total
funds
£
Co-production income and touring fees
Learn and Train
Sale of programs and merchandise
Royalties
License fees and subscriptions
Theatre tax relief
Sundry other income and reimbursements
2023 Total funds		 408,546
262,227
21,355
56,215
18,750
87,299
5,883		 —
—
—
—
—
—
—		 408,546
262,227
21,355
56,215
18,750
87,299
5,883
860,275 — 860,275
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

Frantic Theatre Company Ltd 37

Notes to the financial statements 31 March 2023

3 Expenditure on charitable activities

Expenditure on charitable activities
Unrestricted
funds
£
Restricted
funds
£		 2023
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)
2023 Total funds		 290,527
152,276
183,655
478,031
26,820
15,567
1,999
115,906		 —
—
—
438
—
—
—
—		 290,527
152,276
183,655
478,469
26,820
15,567
1,999
115,906
1,264,781 438 1,265,219
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

Frantic Theatre Company Ltd 38

Notes to the financial statements 31 March 2023

4 Support and governance costs

Support and governance costs
Unrestricted
funds
£
Restricted
funds
£		 2023
Total
funds
£
Support costs
Printing, postage, stationery and advertising
Bank charges
Depreciation & amortisation
Website redesign and maintenance
Equipment
Subscriptions
Storage
Office costs
Telephone and internet
Insurance
IT
Sundry expenditure
Governance costs
Auditor’s fees
Professional fees
2023 Total funds		 648
1,807
13,916
1,771
274
2,115
10,477
36,351
17
6,133
21,574
4,799		 —
—
—
—
—
—
—
—
—
—
—
—		 648
1,807
13,916
1,771
274
2,115
10,477
36,351
17
6,133
21,574
4,799
99,882
10,295
5,729		 —
—
—		 99,882
10,295
5,729
16,024 — 16,024
115,906 — 115,906

Frantic Theatre Company Ltd 39

Notes to the financial statements 31 March 2023

4 Support and governance costs (continued)

Support and governance costs(continued)
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

5 Net (expenditure) income and net movement in funds This is stated after charging:

Total
2023
£		 Total
2022
£
Staff costs (note 7)
Auditor’s remuneration
. Statutory audit services
. Taxation services
. Other services
Amortisation
Depreciation
Operatinglease rentals		 290,526
6,820
1,485
1,990
13,000
916
31,031		 257,798
6,200
1,350
2,900
—
227
24,496

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.

Frantic Theatre Company Ltd 40

Notes to the financial statements 31 March 2023

6 Taxation (continued)

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
2023
£		 2022
£
Wages and salaries
Social security costs
Pension costs		 256,600
26,228
7,699		 232,931
17,731
7,136
290,527 257,798

No employees received remuneration in excess of £60,000 during the year (2022 – none).

The charity trustees received no remuneration from the charity during the year (2022 – £nil), nor were they reimbursed expenses during the year (2022 – £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 £124,886 (2022 – £121,507).

Staff numbers

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

2023
Number		 2022
Number
Charitable activities
Administration		 5
2		 7
2
7 9

Frantic Theatre Company Ltd 41

Notes to the financial statements 31 March 2023

8 Intangible fixed assets

Website
£
Cost
At 1 April 2022
Additions
31 March 2023
Amortisation
At 1 April 2022
Charge for year
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 65,000
—
65,000
—
13,000
13,000
52,000
65,000

9 Tangible fixed assets

Fixtures
and
equipment
£
Cost
At 1 April 2022
Additions
Disposals
31 March 2023
Depreciation
At 1 April 2022
Charge for year
Disposals
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 34,150
—
(29,416)
4,734
31,628
916
(29,416)
3,128
1,606
2,522

10 Stocks

2023
£		 2022
£
Merchandise stock 3,900 5,577
3,900 5,577

Frantic Theatre Company Ltd 42

Notes to the financial statements 31 March 2023

11 Debtors

Debtors
2023
£		 2022
£
Trade debtors
Other debtors
VAT recoverable
Prepayments and accrued income		 15,485
160
—
144,026		 38,290
8,253
2,457
12,606
159,671 61,606

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
£		 2022
£
Trade creditors
Other creditors and accruals
Deferred income
Social security and other taxes		 30,204
16,584
12,088
29,747		 23,511
9,453
21,489
2,615
88,623 57,068

Deferred income compromises advance payments received for workshops and residencies cancelled due to COVID-19. The activity the deferred income relates to will be delivered before the end of 31[st] March 2024

2023
£		 2022
£
At 1 April 2021
Amount released to income from charitable activities
Amount deferred in year
At 31 March 2022		 21,489
(9,568)
167		 22,469
(980)
—
12,088 21,489

13 Designated funds

At 1
April
2022
£		 New
designations
£		 Utilised/
released
£
—
—		 At 31
March
2023
£
120,000
120,000
Designated funds
Future productions fund		 120,000 —
120,000 —
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 —

Frantic Theatre Company Ltd 43

Notes to the financial statements 31 March 2023

13 Designated funds (continued)

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

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

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

Following a review of the charity’s reserves policy, each of the designated funds were released in 2021/22 and these funds now form 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 to be ring-fenced to support the origination of Metamorphosis .

14 Restricted funds

Restricted funds
At 1
April
2022
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
March
2023
£
Ignition fund — 438 (438) — —
— 438 (438) —
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) —

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 of 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 in 2021/22 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 44

Notes to the financial statements 31 March 2023

15 Analysis of net assets between funds

Year ended 31 March 2023 General
funds
£		 Designated
funds
£		 Restricted
funds
£		 Total
£
Tangible fixed assets
Intangible fixed assets
Cash at bank and in hand
Other net current assets		 1,606
52,000
74,621
74,948		 —
—
120,000
—		 —
—
—
—		 1,606
52,000
194,621
74,948
203,175 120,000 — 323,175
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

16 Related party transactions

During the year, the trustees made aggregate donations to the charity of £150 (2022 – £5,148).

During the year Frantic Assembly performed Othello at the Yvonne Arnaud Theatre, Guildford where Frantic Assembly trustee Joanna Read is Artistic Director. Income of £36,356 was received from the entity and expenditure of £8,890 was incurred by Frantic Assembly in return.

Frantic Assembly also performed Othello at the York Theatre Royal during the year, where Frantic Assembly trustee Matthew Hunnybun was appointed a trustee on 1[st] March 2023. Income of £41,642 was received from the entity and expenditure of £8,011 was incurred by Frantic Assembly in return.

The associated fees were based on standard commercial terms, consistent with other venues on the tour, and no preferential treatment was given or received by the charity. Ms Read and Mr Hunnybun received no financial benefit linked to performances.

Frantic Theatre Company Ltd 45

Notes to the financial statements 31 March 2023

17 Leasing commitments

The future minimum operating lease commitments are as follows:

2023
£		 2022
£
Land and buildings
Within one year
Between one and two years
Between two and five years
More than five years		 31,915
31,915
63,830
5,319		 24,677
—
—
—
132,979 24,677

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 46