Frantic Theatre Company Limited Trustees, report and Financial Statements 31 March 2024 Company Llmlted by Guardntee Reoislrntion Number 02989694 {England and Wales) Charity Registration Number 1113716 References and administrative detall$ Charity name Frantic Theatre Company Ltd Trading name Frantic Assembly Trustees Mark Hawes (Chair) Matthew Hunnybun Arnit Kataria Dorcas Morgan Joanna Read Denzel Westley-sanderson Artlstlc Dlrector and Jolnt CEO Scott Graham Executive Director, Jolnt CEO and Company secretary Kerry Whelan Registered off ice Brixlon House, Coldharbour Lane, London, England, SW9 8GL Company registration number 02989694 (England and Wales) Charity registration number 1113716 Auditor Lindeyer FranGiS Ferguson Limited North House, 198 High Street Tonbridge Kent TN9 1 BE Bankers The Co-operative Bank PO Box 250 Skelmersdale WN86WT Saffron Building Society 57 High Street Ware Hertfordshire SG129AD Manchester Building Society 125 Portland Street Manchester M14QD Virgin Money (Account Closed April 2024) Jubilee House Gosforth Newcastle Upon Tyne NE3 4PL FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Chair's Statement The following Trustees, Report and Financial Statements of Frantic Assembly convey the company's strong performance both on stage and in the classroom in the year ended 31 March 2024. They show Frantic Assembly, a registered charity, successf ully fulfilling its charitable objectNe: . to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama.. We report that, financialty, the company performed better than we originally anticipated, generating a year-end SUTplus of £62k- a welcome addition to our reserves following several years of depletion owing to the pandemic and slrategic investment. I mention below some highlights of the company's work as further described in the Trustees, Reporl. On stage, across a total of 130 performances at 13 UK mid-scale-venues, our new production of Metamorphosis, was seen by nearly 60.00 people, over one third ol whom weTe in school groups, and over one quarter of those were first-time attenders at the relevant venue. Average audience capacity across the tour was a remarkable 79%. These figures are well above those achieved by many companies touring productions on the mid-$Gale in this post-pandemic period. In the educational sphere, we saw schools, demand for our in-person Franlic Method workshops increase substantially to pre-pandemic levels that being demand from schools in the UK and overseas. Our digital drama-education platforni, Frantic Assembly Studio, was enhanced by the addition of high-quality captures of both Metamorphosis and our previous touring production, Othello. The extensive resources on this platform are now used by over 40,000 students in the UK, and, by virtue of our collaboration with Digital Theatre Plus, by many thousands more worldwide. In 2023. Ignition, ourflagship, free nationwide talent-development programme foryoung people aged 16-24 was run successfully with our regional theatre partners, engaging a total of 895 young people across the UK. In 2024, we celebrale Frantic Assembly's 30th anniversary. This linancial year, we are concentrating on developing exciting new Iheatrical and educational projects as summarised in the Trustees, Report. Unfortunately, because of lack of exteTnal funding. we have been unable to run Ignition in 2024. We are Iherelore putting our backs into f undraising. We are determined that Ignition will return in 2025. On behalf of the Board of Trustees of Frantic Assembly, I take this opportunity publicly to record our admiration and thanks to our internationally renowned Artistic Director, joint CEO and co-founder, Scott Graham, our Joint CEO and Executive Director. Kerry Whelan, and our participation and administrative staff for the achievements of the company in 2023124. 1 also wish to record our immense appreciation of the many organisations and individuals - especially Ihose listed below whose support over the past year is enabling us to fulfil our charilable objeciives: Arts Council England, which provides funding to us in OUT capacity as a National Portfolio Organisation; Backstage Trust, which has provided significant grant support- the numerous private individuals who have donated to Ihe company; FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 the supporters who are helping us to raise funds. the freelance artists and creatives who worked with us on Metamorphosis, the teams running the theatre venues around the UK that co-produced andlor staged Metamorphosis and the theatre companies that partner with us on Ignition. our Practilioners who teach the Franlic Method around the UK and overseas; Digital Theatre Plus; the schools and drama teachers who teach the Frantic Method andlor engage with our digital output; and, of course, our audiences up and down the country, collectively including many thousands of young people, whose enthusiastic responses to our work validate our faith both in the work we do and in the future of theatre. 2023-24 Key Achlevements 17-week UK tour of Kafka'$ Metamorphosis adapted by Lemn Sissay OBE; 13 venues; 130 performances: audience ot 60k- 79% of capacity 3 venues recorded audience over 95% of capacity Schools, audience ol over 23k-10% increase on previous year's tour figures. 47% increase in UK Schools. Learn workshop sessions on previous year, and 536% increase in international Learn activity. Metamorphosis production filmed for inclusion on Frantic Assembly Studio. Frantic Assembly Studio nominaled for a 2023 Theatre and Drama Award in the category of 'Outstanding Drama Resource". Mark Hawes Chair 29 July 2024 FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees {who are also directors of the charity for the purposes of the Companies Act) present their annual report togelher with the financial statements of Frantic Theatre Company Ltd (trading as Frantic Assembly) for the year ended 31 March 2024. The report has been prepared in accordance with the Charities Act 2011 and constitutes a directors, report for the purposes ol company legislation. The financial statements have been prepared in accordance with the accounting policies on pages 22 to 27 of the atlached 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 Iheir accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)" (effective 1 January 2019) {Charities SORP (FRS102)). OBJECTIVES AND ACTIVITIES The objectives ol the Gharity are to advance education for the public benefit by the promotion of the arts, in particular but not exclusively, the art ol drarna. Led by Artistic Director, Scott Graham and Executive Director, Kerry Whelan, Frantic Assembty is an internationally respected company with collaboration and accessibility firmly at its heart. Graham continuesto collaborate with some ol the most exciting voices intheatre to create new, genre-defying work of the highest quality. Having loured extensivety Ihroughout the UK, the company has built an enviable reputation as one ol 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 identitied as 'one of the key fioures in Twentieth Century pertonnance practice,, and as one of 23 theatre makers who have 'transformed the way we understand theatre and perforniance., featuring in the handbook dedicated to the company in the Routledge Performance Practitioners series. Our Mission Statement Frantic Assembly create5 thrilling. energetic, unforgettable and high-quality theatre. We target and attract audiences of least-engagement in the UK, as well as 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 underpinning the way we operate as a team, are: Gollaborative. Authentic, Accessible, Brave, Empowering Core Aims and Oblectlves Create and share high-quality, ambitious, inclusive and relevant cultural experiences across the UK. Inspire more people to access and participate in culture, especialty those who do not regularly engage or participate. FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Provide accessible and inclusive training and talent development routes foryoung people who wish to enter the creative industries. Work creatively and share knowledge ofThe Frantic Method with emerging companies, theatre makers, teachers, students and other individuals in order to continue to influence the development of contemporary theatre. Lead the way in developing a dynamic, environmenlally sustainable and thriving sector based on collaboralion and connectivity between creative practitioners, and educational and local communilie5. ARTISTIC ACTIVITY Ourstage workcontinues to be in demand, and the lasttwoyears. have seen usattract large audiences to our touring work which has consislently bucked the prevailing national trend of lower attendance. The importance ol our workfrorn afonnal educational perspective continues, and as a set practitioner on 5 UK academic syllabuses, we saw a significant percentage of our audience in 2023-24 made up ol GCSE and A-Level students. Metamorphosls This was our first new commission since 2019, a reworf(ing of Kafka's novella Metamorphosis. adapted by celebrated poet, author and broadcaster Lemn Sissay OBE. The production was a co-production with Theatre Royal Plymouih, Curve Leicester, MAST Mayflower Studios Southampton and the Lyric Hammersmith Theatre. The show premiered at Theatre Royal Plymouth on 11th September 2023 before embarking on a17-week tour across 13 venues. The above-average audience figures enjoyed for the previous year's tour of Othello, were repeated and we exceeded our audience forecasts, playing to 60,000 people- an average capacity of 7Wo- across 130 performances. Over one third ol our audiences were school groups, formed of the numerous students that study Frantic Assembly as a set practitioner at GCSE and A-Level. 23,479 students Irom 759 separate school groups attended across the run, of which 214 groups were first-time bookers in the relevant venues {2022 Othelloligures were 21,277 students from 617 groups ol which 198 were first-lime attenders). These ligures show the signilicant impact Frantic Assembly has in drama education and the positive effect our work can have in attracting new audiences to theatres. The tour vÈsited Theatre Royal Plymouth, cU￿e Leicester, MAST Mayflower Studios Southampton, Connaught Theatre Worthing, York Theatre Royal, Liverpool Playhouse, Northern Stage Newcastle, Mercury Theatre Colchester, The Lowry Salfoid Quays, Yvonne Arnaud Theatre Guildford, Bristol Old Vic, Belgrade Theatre Coventry and Lyric Hammersrnith Theatre. The production received a mixed response from critics but an overwhelmingly positive response from audiences and venues alike. Examples of Press reviews: ..physically ingenious"The Times an intriguing theatrical fever dream"The Stage "A stylish production"The Daily Telegraph FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 "This is a wonderful evening or theatre,. powerful, entertainlng, thought provoking and wsually engaging." UK Theatre Web "Graham s production is one ol memorable images, thought-provoking ideas and Sissays fierce poetry." Not ExaGtly Billington ..Graham s production keeps a packed matinee audience ol teenagers in rapt silence" The Guardian Amongst the cast and company were six past Ignition Graduates - David Gilbert (2009) Associate Director, Stefan Janik (2014) Composer, Felipe Pacheco (2017) playing Gregor Samsa, Joe Layton (2008) playing Chief ClerklLodger, Michael Lynch (2015) filmmaker, and Adi Detemo (2022) production photography. Frantic Assembly Performance Statistics Comparison ol Performances and attendance pre and post pandemic, 2018119- 2023124 Year Perfonnances 2023124 130 2022123 101 2021122 No touring owing to COVID-19 2020121 No touring owing to COVID-19 2019120. 44 15,232 58% 2018119 11 112 34,474 73% 'Scheduled tour was cancelled owing to COVID-19 restriciions. Total for the original tour was 11 venues with 102 performances. Attendance % is at point of tour cancellation, 16th March 2020. No touring was undertaken in 2020121 and 2021122. Venues 13 10 Attendance 59,903 45,211 Attendance % 79% 78% PARTICIPATION 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 piogrammes. Our leam Programme is designed for students in formal education Ilrom GCSE up to MasteTS 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 Trainhas been liberating the potential of future theatre makers for 30 years and ha5 engaged people Irom all walks of life. Our programmes are available in the UK and internationally throughout the year. Learn Programme Our UK schools, workshop sessions increased by 47% on the previous year, to a total of 408. This is back to the levels we saw pre-pandemic and shows that, despite the pressure on schools, budgets, eic., the demand lor Frantic Assembly's work remains. FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 OurdelNery of schools. workshops intemationally increased by 536% on the previous year, reflecting a return to less restricted travel and indicating a level of pent-up demand caused by the hiatus in international reach owing to the pandemic. We delivered 140 sessions globally working with schools and colleges in the USA, Australia, New Zealand, Singapore. Hong Kong, China, U.A.E, Kenya, Swilzerland and Germany. These included ongoing relationships with Sharjah Performing Arts Acaderny in U.A.E and the Arts Unit in New South Wales, Australia as well as ourfirst time working in New Zealand and Kenya. During our run at the Lyric Hammersmith Theatre with Metamorphosis in February 2024, we collaborated with the theatre's Young Lyric team on a wraparound project called Meta-Morphed- working with three West London schools, two ol which were SEND schools. Three Frantic Assembly practitioners worked with a total of 59 students to create a response to the themes of Metamorphosis. The work created was shared with an invited audience at the Lyric Hammersmith Theatre. Train Programme Our Train programme engaged 218 people through our Introductory Course {44 people), run in London and Manchester. our Intermediate Courses (30 people), run in London and Newcastle, and ourAdvanced Course (20 people) and Masterclass series180 people), both run in London. Our popular International SummerSGhool wa5 held in July at IAMDA in West London and attracted 30 people from across the world to take part in either a Create or Train strand. Participants from previous years. courses have since booked us to deliver workshop5 and residencies for their organisations, and thus we worked wilh the Nashville Rep and the Robert Mello Studio in Atlanta. We also worked with 126 leachers delivering 7 Teacher Training sessions across the country to help teachers learn and consolidate their skills in teaching the Frantic Method. Ignition Ignition is our Ilagship, free nationwide talent developmenl prograrnme foryoung people aged 16-24. Working with13 regional partners across the UKwe seekout under-represented talent in unexpected places. Through a seTies of tasterworkshops and trials, we seleci 24 young people to participate in an Intensive Week during October hall temi. where they come together lor the first time to create an original devised work in just five days. The work is performed in front of a public audience. Originally designed to encourage young men, particularly from working class backgrounds, into the arts, Ignition is now open to all young people aged 16- 24. We still champion those young people who experience barriers to participation in the arts owing to social and economic factors. Following a return to the full programme in 2022, after several years of scaled-back activity owing to the pandemic, Ignition 2023 was one of our biggest programmes to date. We ran a total of 61 skills-based wor*shops (27 open Tasters, 9 outreach Tasters and 25 Trials) and engaged with a total of 895 young people acioss Ihe UK. Our regional partners for 2023 were: National Theatre ol Scotland. Lyric Theatre Belfast, Sherman Theatre Cardilf. Theatre Royal Plymouth, MAST Mayflower Studios Southampton, Mercury Theatre Colchester". The Core at Corby Cube, Bimiingham Hippodrome, Leeds Playhouse, Liverpool Everyman and Playhouse, Northern Stage Newcastle, Easi London Theatre School and Brixton House Theatre London. "new partner for 2023 FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Intensive Week, attended by 25 participants, was a huge success and the performances, staged at our Brixton House Theatre base, were positively received by an appreciative audience across two nights. Over the two-month period ol Ignition in September and Ociober we employed 16 practitioners and 19 peer mentors on the programme, providing further employment, connections and training f or past Ignition students. DIGITAL AND CREATIVE MEDIA Frantic Assembly Studio Throughout the year, subscriptions continued to build for the platforrn - we now have 133 schools subscribed (114 Slale and 19 Independent): an increase of 33% on 2022123. The platfonn received a 95Yo satisfaction rating from teachers during the year. During the run of Metamorphosis at Lyric Hammersmith Theatre, we captured the show with a specially filmed performance and this recording was added to Frantic Assembly Studio in April 2024. Students and teachers can now watch recordings of the full productions of our Othello and Metamorphosis on the platforffl as well as our made-lor-camera show, TOUCHI Our collaboration with Digital Theatre Plus continued in 2023124, as we licensed the Frantic Assembly Studio content lo its platlorm for international schools. access. Royalties of £14,436 were received in the year. Frantic Assembly Studio was recognised in the 2023 Drama and Theatre Awards with a nomination in the category of Outstanding Drama Resource. Social Media Statistics ers 2020121. -2021122 .. , 2023124 Facebook 12,382 14,452 14,977 15,427 Instagram 23,416 25,500 29,400 34,500 X (lormerly Twitter) 34,748 35,100 35,098 34,800 YouTube 6,820 7,370 7,968 8,490 Vimeo 176 191 201 205 The total number of viewings of our YouTube content forthe year was 158,941. The total number of viewings of our Vimeo content was 249,000 for Ihe year. FINANCIAL REVIEW The charity's total income for the year was £1,597,093 (2023 - E1,087,849). Total expenditure amounted to £1,534,839 {2023- £1,265,219). The charity's surplus lor the year was therefore £62,254 (2023- deficit of £177,370). When combined with funds brought forward, the charity's total reserves as at 31 March 2024 stood at £385,429 {2023- £323,175). The breakdown of funding sources in Ihe year was as follows: FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Percentage of total income Percentage ol total income 2023124 £1,354,935 £1,899 £15,000 £225,259 £1,597,093 2022123 £861,876 £714 arned income. 85% Donations Restricted grants rts Council England NPO funding grant otal income 1% 14% £225,259 £1,087,849 21% Earned income includes bank interest 01 £1,440 (2023- £1,601). Investment policy Underthe Memorandum and Articles olAssociation, thecharity hasthe powerto makeany investment whichthe trusteesseefit. The charity has a policyof keeping surplus liquid funds in short-term deposits which can be accessed readily. Reserves Pollcy The trustees aim to maintain free reserves in unrestricted lunds not less than between three and six months of Support costs {including core staff Salaries). They consider that this level will ensure that there are sulficient funds available to cover support and governance costs in the event Ihat the Company needed to be wound up. The truslees Iherefoie consider that the ideal level oloperational free resenies at 31 March 2024 would be £97,160 to £194,320, based on the current year's unrestricted Support cost expenditure. Of the total reserves 01 £385,429 (2023- £323,175), £120,000 of funds have been designated, or set aside, by the trustees lor specific purposes (2023- £120,000}. Unrestricted general funds amounted to £265,429 (2023 £203,175), of which £39,690 (2023 £53,606) constituted fixed assets. Free reserves were therefore £225,739 (2023- £149,569), which 15 marginally above the target level for such reserves mentioned above. PLANS FOR THE FUTURE ARTISTIC ACTIVITY The House Party In April and May 2024, we collaborated with Headlong theatre company on a new play by Laura Lomas called The House Party, inspired by August Strindberg's Miss Julie. This was a co-production between Chichester Festival Theatre and Headlong, in association with Frantic Assembty, and played at the MinervaTheatre in Chichesterfrorn 3rd May-1StJune. Scott Graham provided the movement direction working with director, and Headlong Artistic Director Holly Race-Roughan. The company included an ensemble 0110 actors, 6 of whom were cast from our Ignition alumnus. For several of them this was their first prof essional engagement. The play was well received by audiences and critics. and the performance and positNe attitude and work ethic of our Ignition graduates was noted and commented on by all involved in the production. FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Atoms We have taken the strategic decision not to create and tour a production on the mid-scale in 2024125 in orderto concentrate instead on developing new projects forfuture touring as well as other projects described in this report. Our latest commission is called Atoms (working title) and is being written by Anna Jordan, who last worked with us on our 2019 production ol The Unreturning. Our ambition for Atoms is that it will be a fun, beautiful and moving piece about how close and yet how tar we can be from each other in intense moments, how we can carry what we thought were truths but were only ever ha￿ the story. The couple in the play explore the 'what happeneds, as well as the heart breaking 'whatits'. It will be a visually rich and ambitious two-hander and feel connected to the spiril of our previous shows - Lovesong (Abi Morgan) and Stockholm {Bryony Lavery), creating an informal Frantic trilogy. The show iscommissioned by FranlicAssemblyand will be aco-production with Curve LeiGe5ter, MAST Mayflower Studios Southampton and Lyric Hammersmith Theatre. The show is in R&D throughout 2024 and will slart rehearsing in August 2025 before opening at Curve in September 2025 and then touring to the following venues, through to the end of February 2026: York Theatre Royal, Liverpool Playhouse, Belgrade Theatre Coventry, Mercury Theatre Colchester, The Lowry Salford Quays, Yvonne Arnaud Theatre Guildford, MAST Southampton, Bristol Old Vic and Lyric Hammersmith Theatre. The design team will include Simisola Majekodunmi as Lighting Designer, who last worked with us on Metamorphosis. Incarnate During the year we will also undertake research and development of Incarnate by Matthew Trevannion. Ostensibly a one-man show, in which the narralor dies only to find thal he ha5 returned in the body of another man and trie5 to find a way back to his old life. Although not commissioned by Frantic Assernbly, the play was written with Frantic in mind and we wish to explore how we can bring a one-person show to the Stage using a cast of supporting performers to create the visual effects and physicality of the narrator's world. Ourambition with Incarnateis to explore a diff erenl touring and produGing model to complement OUT existing model and CTeate a show that will have longer runs at fewer venues. PARTICIPATION We expect 2024125 to be a year of consolidation. In February, our Head of Learning and Participation. Marilyn Rice left after 5 years in post to take up a new role with National Youth Theatre. Her replacement, Daniel Griffiths took up post in May. Daniel will undertake a comprehensive review of our Learning and Participation activity, as we return to pre-pandemic levels of activity and plan for the next 3 years of ACE funding. FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Beats per Mlnute In response to demand from international schools who feel the absence of the ability to see a live Frantic Assernbly show, we will be trialling a new model of delivering training around the Frantic Method by combining our usual workshop offerwith an example of a devised Frantic Assembly show. Created by Artistic Director Scott Graham and Frantic Assembly practitioners the piece is designed to help teachers and students understand and implement Ihe Frantic Method as a devising process. The 45-minute perfomiance will be accompanied by explanatory and interactive workshops demonstrdting how the performance was created and how those processes can be employed to unlock creativity in the classroom. Ateam of 3 practitioners will perform in the show as well as lead workshops with the schools. We will be worf(ing with regional venues to host the programme, rather than individual schools, so that we can better control the technical parameters of the piece as well as help venues to develop Gloser links with their local schools. We will trial the model in the UK, with weeks so far planned at Birmingharn Hippodrome and MAST Soulhampton in January, before taking Beats per Minute to Singapore Theatre Company in February and venues in Australia and New Zealand after that. Learn and Train Programmes We will continue to offer our usual programme of 2, 4 and 6-hour workshops in Devising and Physicality working with schools in the UK at GCSE and A Level and internationally with schools following the International Baccalaureate, with activity planned in the USA, Far East and Australasia. Our Train programme will see us run Introductory, Intermediate, Advanced and Teacher Training activity in London and with regional partners including Northern Stage in Newcastle and Lyric Theatre Belfast. Our ever-popular International Summer School retumed in July 2024 and once again took place at LAMDA in West London. We welcomed participants from USA, Canada, New Zealand, Australia and Turkey, amongst others. Ignition Despite the success of Ignition last year, and every year since 2008. owing to a lack of funding for 2024125 we took the decision to cancel this year's iteration. This is the first time in the 15 years since il began that we have not been able to run Ignition and the cancellation highlights the Ghallenges and reality ol raising the additional lunds required to deliver this vital programme. Although the organisation was able to return a modest surplus in 2023124, our reserves remain depleted following the impact of the pandemic and this has left us unable to continue to underwrite Ignition ourselves. The programme costs £75,000 ayearto run and is outside ofthe subsidy we receive from Arts Council England and has continued without significant external lunding for the past lew years. 10 FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The importance of the programme has been highlighted by its absence this year, and already we have been able to raise over£25kin privale donations and pledges. We are using the spare capacity created by not touring to concentrate on our fundraising efforts and will be applying to ACE and Trusts and Foundations to secure additional multi-year f unding to secure Ignition's future for the next three years. We are determined that Ignition will return in 2025. DIGITAL AND CREATIVE MEDIA Frantic Digital Frantic Digital is our Iree-to-access content. first created in 2020 in response to the pandemic, and our desire to provide inlormation and resources forouraudiences and in particular teachers and students studying Drama at GCSE and A Level. As there will be no mid-scale lour in 2024125, we will locus on the format ol Frantic Digital to update and refresh the ollering and provide new content lo provide insights and access to the crealive process and opportunities for our audiences to engage and participate, including a new interactive online task that people can have a go at and share via the site and social media. 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. Ils directors are ils charity trustees for the purposes of charity law. The trustees serving during the yearand since the previous year end were as follows: Trustee Appointedl Resigned Mark Hawes (Chair) Matthew Hunnybun Amit Kataria Dorcas Morgan Joanna Read Denzel Westley-sanderson Company secretary Kerry Whelan Governlng document Frantic Theatre Company Ltd is a charitable company limited by guarantee, incorporated on 14 November 1994 and governed by its Mernorandum 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. FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Appointment of trustees As set out in the Articles of Association, the minimum number of trustees is three and, until otherwise determined bya General Meeting, shall be no more than nine. During 2023124, the numberof trustees was six. The board of trustee$ may appoint any member of the company as a member of the board ol trustees, either to fill a casual vacancy or by way ol addition to the board of trustees. Any member so elected holds off ice 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 ol tiustee5. The appointment of trustees, the conduct of business, the proceedings of meetings, the management of risk and the general management ol the company all took place during the year in accordance with the provision5 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 ol 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. The trustees tske 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 ternis of delegation approved by the trustees, for operational matters including finance, employment and artistic perlormance-related activity. Frantic Assembly's Executive team comprises Scott Graham, Artistic Director and loint CEO, and Kerry Whelan, the Executive Director and joint CEO. During 2023124, the other team members included a full-lime 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 receive remuneration or other benelit Irom their work with Ihe charity. Any connection between a trustee or senior manager of the Charity with a venue, production company, contracted aclor, performer, creative, crew member or exhibitor rnust be disclosed to the full board of trustees in the same way as any other contractual relalion5hip with a related party. Details ol related party transactions in the current year are set out in Ihe notes to the accounts. Key management personnel and pay policy for senlor stalf 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 Ireety, and no trustee received remuneration in the year. The pay of the senior staff who are not trustees is set at the point ol recruitment with 12 FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 reference to the national market rate within the cultural economy. In view of Ihe nature ol 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 nomially increased in line with pay increases for the rest of the organisation. Rlsk management The board of trustees have conducted a review of the major risks to which the company is exposed. A risk regisler has been established and is updated at least annually. Where appTopriale, systems or procedures have been established to mitigate the risks the company laces. Strategies are in place to mitigate the risks idenlilied, including robust planning arrangements, internal communication processes, and identification ol possible future funding opportunities and co- producing partner5. Approach to Fundraising Frantic Assembly undertakes fundraising to help support ils core artistic and learning and participation work. We raise funds from Trusts and Foundations and receive donations from private individuals. All our fundraising is undertaken by staff within the organisation. we do not use commercial participator5 or professional fundraisers. As part of our commitrnent 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 Telation to our fundraising activity. Audltors Lindeyer Francis Ferguson Limited were appointed as auditor to the charitable company and in accordance with section 485 ot the Companies Act 2006, a resolution proposing that they be re- appointed will be put at a General Meeting. Trustees. responsibilities statement The Charity's tru51ees (who are also direclors 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 whiGh give a true and fair view of the state of affairs of the Charily and of the income and expenditure of the Charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102); 13 FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 make judgements and estimates that are reasonable and prudent; and state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the linancial statements; and prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the linancial position ol 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 sleps for the prevention and detection ol fraud and other irregularities. Statement of dlsclosure to audltors Each ol the persons who are trustees at the time when this trustees. annual report is approved has confirmed that: so far as helshe is aware, there is no relevant audit informalion of which the Charity's auditor is unaware; and the trustee has taken all the steps that ought to have been taken as a trustee to be aware of any relevant audit infonnation and to establish that the Charity's auditor is aware of that information. This confirmation isgiven 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 Part15 of the Companie5Act 2006 applicable to companies subject to the small companies, regime. Signed on behalf of the trustees and approved on: &) f4) 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 ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled ourother ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sulficient 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 ol accounling in the preparation ol 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 signif icant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised lor issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other infomiation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial slatements does nol cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form ol assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whelher the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifwe identily such material inconsistencies or apparent material misstatements, we are required to deterrnine 15 FRANTIC THEATRE COMPANY LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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: the information given in the trustees, report, which includes the directors, reportforthe purposes ol company law, lor the linancial year for which Ihe financial statements are prepared is consistent with the linancial statements; and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred lo report by exceptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors. report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion: the parent charitable company has not kept adequate and proper accounting records or returns adequate for our audit have not been received from branches not visited by us; or the parent Charitable company's financial statements are not in agreement with the accounting records and returns" or certain disclosures ol trustees, remuneration specilied by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbllitles of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors ol 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 lair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free frorn 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 agoing 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 audlt of the financial statements Our objectives are to obtain reasonable assurance about whetherlhe 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 assuranee is a high level ol assurance but is not a guarantee that an 16 FRANTIC THEATRE COMPANY LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 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 ol these f inancial 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 f raud is detailed below. We obtained an understanding of the legal and regulatoryframeworl(applicable to the preparation of the linancial statements of the charitable company and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identilied: FRS102, the Charities Act 2011 and the Charilies SORP. We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charitable company's operations and to avoid material penalties, including employment law, health and safety law and data protection regulations. Having reviewed the laws and regulalions applicable to the charitable company, we designed and performed audit procedures to obtain suff icient appropriate audit evidence. SpecificalSy, we: Selected a team with sector experience lo perform the audit; Obtained an understanding of the charitable company's procedures for ensuring compliance with laws and regulations; Obtained and reviewed internal policy and procedure documents; Made enquiries of rnanagement and the trustees regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations; Obtained and reviewed meeting minutes; Obtained and reviewed correspondence with the regulator, Reviewed legal expenses accounts for indications of any possible non-compliance- and Reviewed the completeness and accuracy of any disclosures made in the financial statements. We assessed Ihe susceptibility of the charitable company's financial statements to material misstatement, including considering how fraud might occur. This was performed by: Making an assessment ol the charitable company's control environment, systems and controls including identifying any weaknesses and considering the risk ol management override of controls; Assessino the susceptibility ol the charitable company's financial statements to material misstatement, including considering how fraud could occur; Considering whether there are any incentives or opportunities for management to manipulate f inancial results; Obtaining and evaluating the trustees, assessment of the risk of fraud, and enquiring as to whetherthey are aware ol any actual or suspected incidences of fraud; Reviewing the accounting policies and accounting estimates lor signs of management bias; and 17 FRANTIC THEATRE COMPANY LIMITED IMDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Identifying key risks relating to irregularitie$ as relating to revenue recognition including fraud, management override of controls and Ihe application of restricted funds. We then designed audit procedures in response to the risks identified, including perfonning substantive testing on all material income streams, reviewing journal entries and accounting estimates, and checking that expenses set again51 restricted income were in accordance with the restrictions imposed and consistent with reports back to funders. The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including Ihose that may lead to material misslatements in the financial statements. There are inherent difliculties in detecting irregularities, and irregularities thal result Irom fraud may be more diff icult to detect than irregularities that result from error, for example due to concealment, override of controls. collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it. A further description ol our responsibilities lor the audit of the financial statements is located on the Financial Reporting Council's websile at: www.1rc.or .uk/auditorsres onsibilities. 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 wilh Chapler3 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 and trustees those malters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assurne responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body, for our audil work, for this report, or lor the opinions we have formed. . WLr4 Jonathan Healey FCA Senior Statutory Audilor For and on behalf of". Lindeyer Francis Ferguson Limited Statutory Auditors CharteTed Accountants North House 198 High Street Tonbridge, Kent, TN9 1 BE 18 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOMEAND EXPENDITUREACCOUNT) FOR THE YEAR ENDED 31 MARGH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total lunds 2023 Note Income from: Donations and legacies Charitable activities Interest receivable 227,158 1,353,495 1,440 15,000 242,158 1,353,495 1,440 225,973 860,275 1,601 Total income 1,582,093 15.000 1,597,093 1,087.849 Expenditure on: Charitable activities 1,519,839 15,000 1,534,839 1,265,219 Total expenditure 1,519.839 15,000 1,534,839 1,265,219 Net income/(expenditure) 62,254 62,254 (177,370> Net movement in funds 62,254 62,254 (177,370) Reconciliation of f unds: Total funds brought forward 323.175 323,175 500.545 Total funds carried forward 385,429 385,429 323,175 19 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets 39,000 690 52,000 1,606 Current assets Stock Debtors Cash at bank and in hand 10 11 2,600 417,250 171.646 3,900 159,671 194,621 591,496 358,192 Creditors: amounts falling due within one year 12 (245,757) { 88,623) Net current assets 345,739 269,569 Total net assets 385,429 323,175 Represented by the funds ol the charily: Unrestricted funds Restricted f unds 13 385,429 323,175 385,429 323,175 The financial statements were approved by the Board of Trustees on were signed on its behalf by: 2024 and M Hawes Chair of Trustees A Kataria Trustee Company number: 02989694 20 FRANTIC THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating actlvltles: Net cash used in operating activities (24,415) (229,888 Cash flows f rom investing actlvltles: Bank interest received 1,440 1,601 Net cash provided by investing activities 1.440 1,601 Change in cash and cash equlvalents in the year (22,975} (228,287) Cash and cash equivalents at the beginning of the year 194,621 422,908 Cash and cash equivalents at the end of the year 171,646 194,621 Cash and cash equivalents comprlse: Cash at bank and in hand 171,646 194,621 A. Reconciliation of net expenditure to net cash flow from operating activitie8 Net incomel{expenditurel for the year Depreciation charge Amortisation Bank interest received Increase in debtors Decrease in stocks Increase in credilors 62,254 916 13,000 (1,440) (257,579) 1,300 157.134 (177,370) 916 13,000 { 1,601) (98,065) 1,677 31,555 Net cash used in operating activities 124,415) (229,888) 21 FRANTIC THEATRE COMPANY LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 Status The charity is a private company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is Brixton House, Coldharbour Lane, London, SW9 8GL. 2 Accounting policles Basls of preparation of the f inancial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (elfective 1 January 2019) {Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Frantic Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assels and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial stateTnents are prepared in pounds sterling, which is the functional currency of Ihe charity, and rounded to the nearest £ i. Critical accounting estimates and areas of judgement The most significant areas ol adjustment and key assumptions that aflect items in the financial statements are in respect to: Assessing the useful economic lives ol tangible lixed assets for the purpose of deterniining the annual depreciation charge; Determining the degree to which provisions are required in respect of bad and doubtful debts; and • Estimating future income and expenditure flows for the purpose of assessing going concern. With respect to the next reporting period, the ongoing impact of the cost-ol-living crisis and the effect on audiences and clients remains the mosl significant area of uncertainty that may affect the estimation of the Charity's future income (and expenditure> flows. Going Concern The trustees have assessed whether the use ol the going concern assumption is appropriate in preparing these financial statements. The trusiees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements. The current financial model including cosi base, income projections, funding and reserves position; Assessment of major risks in the next 12-18 months; • The financial management controls and reporting structure in place; and Forward projections and cashflow to July 2025. 22 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2 Accounting policies {conlinued) 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 it5 ability to react to possible adverse situations. In making that assessment, the trustees have considered the following: Ability lo adapt to adverse financial events The organisation has the ability to successfully adapt to deal with adverse conditions. and has demonstrated the ability to adapt its activities as required, identify new income streams, and reducelcurtail expenditure to offset a major loss of income. Trustees have identified the following risks as part of the going concern assessment and the associated fflitigation.. Impact of public spending cuts on core Arts Council subsidy The company is currently in the second ol what was originally a three-year funding agreement with Arts Council England for period 2023-26 at £225,259 pa. This has been extended for all NPOS for a fourth year to the 2026-27 financial year. Impact of economic downturn on disposable income and effect on box office income which could affect ability to f und production costs Income targets are sel prudently at 55% of financial capaGity. The average income for both our 2023124 Metamorphosis tour and 2022123 Othello tour was 59¥.. Our 2025126 tour is already booked and will be vi51ting venues previousty toured to in the last two years on comparable feesldeals. Co-production deals of £90k have already been secured to help fund origination costs for our 2025126 production and £120,000 ot reserves are designated for luture production origination. although these funds were not needed in 2023124. The net Gost of our 2023124 production (before TTR) was (£9,354) compared to budget forecast of (£77,323). Adverse linancial events may affect future fundraising capacity, having an impact on our ability to f und specific projects- e.g. Ignition. The decision to not run Ignition in 2024 was based on the need to secure 100% funding lor it and the uncertainty around the timeline for achieving thi$. The announcement of the cancellation this year has had a positive elf ect on the fundraising for it, both in terms of actual donations raised but also discussions with major funders regarding multi-year funding from 2025 onwards. 23 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 2 Accounting policies (continued) The break in activity this year allows fundraising to be undertaken well ahead of the projeGt go-live date, which means we are able to lake a timely decision on whether to proceed or not. Past projects have been funded frorn reserves to make them happen, but in the future only Projects that can secure a majority percentage of raised income will be considered viable, to protect the reserves position. Income projections (whether earned or raised) are not achieved Budgets are set prudently and accurately, both for incorne and expenditure to minimize risk of large variance. Budgets are monitored closely to ensure limely adjustmenls. Appropriate resources are identified to support income generation {e.g., marketing and promotion for Frantic Assembly Studio subscription sales). Financial Management The organisation has robusl and appropriate procevJ and ¢ontrols in place to monitor financial performance during Ihe 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 Concem issues. Financial Position Trustees have considered the organisation's current financial position including latest figures and post-year end information including breakdown of current reserve5 and assessment of reserves policy in relation to fixed cosl base {e.g., how long could core costs be covered from unrestricted funds). In making their assessment ol going concern, trustees have considered the financial foreGa5ts for the period 1 April 2024 to 31 July 2025 including: Surnmary of bottom-line surplusldeficit and impact on available reserves. Anticipated cashflow forecast including assessment of any points in the coming 12 months where cash balances may be a cause for signilicant concern and receipt of fundinglincome and timeliness of seltlement of debts. Summary ol income streams and the assumptions used achieving targets. in te￿8 of reliabilityllikelihood of Summary of expenditure and the assumptions used effect of inflationary increases, how fixed is the cost base and whether expenditure is dependent on funding. 24 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 2 Accounting pollcies (contlnued) 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 ot 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 rneet its liabilities as they fall due and, whilst they acknowledge that there will be challenges ahead, they are of the opinion Ihat the use ol the going concern assumption in the preparation of these financial statements is appropriate. Income Income from grants and donations is recognised when the charity is entitled to the funds. the receipt is probable and the amount can be measured reliably. For donations. this is usually on receipt. For granls, this is usually when a formal offer is made in writing, unless the grant contains terms and condilions outside of the charity's control which must be met before the charity is entitled to the funds. Where grants are received in response to a proposal including a budgeted timescale, such that the timescale for the expenditure is implicit in the grant agreement, the income is recognised in accordance with that timescale. Income Irom charitable activities is recognised over the period to which the income relates. For contracts, income is recognised to the extent that the contractual services have been supplied. For performance-related grants, income is recognised to the extent that performanGe-related criteria have been met. Expendlture Expenditure is recognised once there 1$ a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer ol economic benef ils will be required in settlement and the arnount of the obligation Gan be measured reliably. All expenditure is inclusive of irrecoverable VAT. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purpose5. Expenditure on charitable activities is incurred on directly undertaking the activities which f urther the charity's objeGtives, as well as any associated support costs. Intanglble flxed assets and amortlsation Intangible lixed assets are carried at cost, net of accumulated amortisation and any provision for impairment. Amortisation is provided at rates calculated to write off the website over its expected useful economic life of 5 years from the point the asset was brought into use. 25 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2 Accountlng pol icles Icontlnued) Tanglble f ixed assets and depreciatlon Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write ofl the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures, fittings and equipment 33.33% on cost Individual assets costing less than £1,000 and with an estimated economic life of less than 12 months are not capitalised but are recogni5ed as expenditure in the Statement of Financial Activities in the year incurred. Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Penslons The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. Leases Rentals paid under operating leases are charued to the Statement of Financial Activities on a straight line basis over the lease term. Financial instruments The charity only has financial assets and financial liabilities of a kind that quality as basic financial instruments. Basic f inancial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund accounting General f unds are unrestricted f unds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds thal have been set aside by the trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted fund5 can only be used lor the particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Taxation Frantic Thealre Company Limited is a registered charity and. therefore, is not liable to income tax or corporation lax on income derived from its charitable activities, a5 il fa115 Within the various exemptions available to registered charities. 26 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2 Accountlng pol icies (continued) The Finance Act 2014 introduced Theatre Tax relief. which allows the company to claim a payable tax credit against a percentage of allowable produclion expenditure incurred. Theatre Tax Relief is crediled lo the Statement of Financial Activities based on productions undertaken in the year which meet Ihe criteria f or relief and is shown within income f rom charitable activities, as detailed in note 3 Income from donations and legacies 2024 2023 Arts Council England- NPO funding Backstage Trust Donations 225,259 15,000 1,899 225,259 714 242,158 225,973 The comparative figures include £438 of restricted income. 4 Income from charltable actlvltles 2024 Theatre 2023 Theatre Co-production incorne and touring fees Leam and Train Sales of programmes and merchandise Royalties Licence fees and subscriptions Theatre Tax Relief Theatre Tax Relief- adjustment to prioryears Sundry other income and reimbursernents 704,033 288,136 22,913 112,409 29,050 172,390 17,224 7,340 408,546 262.227 21,355 56,215 18,750 87,299 5,883 1,353,495 860,275 27 FRANTIC THEATRE COMPANY LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5 Expendlture on charltable activities 2024 Theatre 2023 Theatre Direct costs: staff costs {note7) Production costs, including Learn and Train Creatives, cast, crew and practitioner fees Travel accommodation and subsistence Royalties and Commissions Venue Hire Training Support costs allocated 191,927 673,831 176,224 190,168 92,651 11,090 2,235 196,713 170,276 478,469 152,276 183,655 26,820 15,567 1,999 236,157 1,534,839 1,265,219 5 Expenditure on charltable actlvltles {continued) 2024 Thedtie 2023 Thea.'re Support costs: Staff costs (note71 Printing, postage, stationery and advertising Bank charges Depreciation and amortisation Website redesign and maintenance Equipment Subscriptions Storage Office costs Telephone and internet Insurance IT Sundry expenditure 101,182 252 2,274 13,916 1,736 120,251 648 1,807 13,916 1,771 274 2,115 10,477 36,351 17 6,133 21,574 4,799 1,575 8,121 42,470 4,194 8,652 1,311 Governance costs Audit and accountancy Legal and Professional fees 11,030 10,295 5,729 196,713 236,157 In the preceding period, expenditure on charitable activities from restricted funds was £438. 28 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6 Net incomel(expenditure) 2024 2023 This is stated after charging: Amortisation Depreciation Auditors. remuneration for audil services Auditors, remuneration for non-audit services Operating lease rentals 13,000 916 7,250 3,780 31,915 13,000 916 6,820 3,475 31,031 7 Stafl costs 2024 2023 Wages and salaries Social security costs Pension costs 262,787 22,438 7,884 256,600 26,228 7,699 293,109 290,527 The average number of persons employed by the charity was 7 (2023: 7). There were no employees with employment benefits (excludino employer pension contributions) ol more Ihan £60,000 in the current nor preceding period. 29 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8 Intangible f Ixed assets Website Cost Brought lorward Additions Disposals 65,000 Carried forward 65,000 Depreclatlon Brought forward Charge lor the year Eliminated on disposal 13,000 13,000 Carried fonbvard 26,000 Net book value At 31 March 2024 39,000 At 31 March 2023 52,000 g Tangible fixed assets Fixtures, f itting5 & equipment Cost Brought forward Additions 4,734 Carried forward 4,734 Depreclatlon Brought forward Charge for the year 3,128 916 Carried forward 4,044 Net book value Al 31 March 2024 690 At 31 March 2023 1,606 30 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10 Stock 2024 2023 Merchandise stock 2,600 3,900 2,600 3,900 11 Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 11,094 15,485 160 144,026 406,156 417,250 159,671 12 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors and accruals Deferred income Social security and other taxes 85,856 152,744 2,635 4,522 30,204 16,584 12,088 29,747 245,757 88,623 The movement on deferred income is a$ follows: Balance at1 April 2023 Released to income Received in the year and deferred 12,088 (10,173) 720 21,489 { 9,568) 167 Balance at 31 March 2024 2.635 12,088 31 FRANTIC THEATRE COMPANY LIMITED (A cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 13 Statement of movements on funds - current year 1 April 2023 31 March 2024 Income Expenditure Transfers General fund Designated funds: Future productions fund 203,175 1,567,093 (1,504,839) 265,429 120,000 120,000 Total unrestricted funds 323.175 1,567,093 { 1.504,839) 385,429 Ignition fund 15,000 (15,000) Tolal restricted funds 15,000 (15,000 Total funds 323,175 1,582,093 (1,519,839) 385,429 The Future product•OIlS produclion5. The Ignition fund represents funds restricted to support the delivery of activity relating to Ignition, our nationwide talent development programme IOT young people aged 16-24. iund represents lup.ds set aside lor thu creation of futurp_ touring 14 Statement of movements on funds- prlor year 1 April 2022 31 March 2023 Income Expenditure Transfers General fund Designated funds: Future productions fund 380,545 1,087,411 (1,264,781) 203,175 120,000 120,000 Total unrestricted funds 500,545 1,087,411 (1,264,781) 323,175 Ignition fund 438 1438) Total restricted f unds 438 (438) Total funds 500.545 1,087.849 { 1.265,219) 323,175 32 FRANTIC THEATRE COMPANY LI MITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 15 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds Total funds Current year: Tangible fixed assets Intangible fixed assets Net current assets 690 39,000 345,739 690 39,000 345,739 385,429 385,429 Prior year: Tangible fixed assets Intangible fixed assets Net current assets 1,606 52,000 269,569 1,606 52,000 269,569 323,175 323,175 16 Related party Iransactions The key management personnel are considered to be the Trustees, the Executive Director and the Artistic Director. During the year. no Trustees received any remuneration, reimbursed expenses or other benefits {2023: None). The total amount of employee benelits (including employerfs pension contributions) received by key managernent personnel during the year was £124,22712023: £124,886). During the year, Frantic Assembly performed Metamorphosis at the Yvonne Arnaud Theatre, Guildlord where Frantic Assembly trustee, Joanna Read, is Artistic Director. Income of £28,431 was received from the entity after deduction of contras. Frantic Assembly also performed Metamorphosis at the York Theatre Royal during the year, where Frantic Assembly trustee, Matthew Hunnybun, is a trustee. Income of £39.484 was received from the entity and expenditure of £8.812 was incurred by Frantic Assembly in return. The associated fees were based on standard commercial term$, 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 pertormances. 33 FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES At 31 March 2024 the charity were committed to future minimum lease payments under non- cancellable operating leases as follows: 2024 2023 Due within one year Due between one and two years Due in two to five years Due in more than five years 31,915 31,915 37,234 31,915 31,915 63,830 5,319 During the year, the charity had a charge in place relaling to a mortgage debenture deed dated 21 September 1999. All properties in relation to the charge were released on 25 September 1999 but the charge remained outstanding until 20 September 2023 when the the charge was satisfied in its enlirety. 34