2025-03-31-accounts

Frantic Theatre Company Limited Trustees, report and Financial Statements 31 March 2025 Company Limited by GuarantBe Registrah"on Number 02989694 (England and Wales) Charlty Registration Number 1113716

Ref erences and administrative details Charity name Frantic Theatre Company Ltd Trading name Frantic Assembly Truslees Marf< Hawes (Chair) Matlhew Hunnybun Dorcas Morgan Joanna Read Denzel Westley-sanderson Artlstlc Director and Joint CEO Scott Graham Executive Director, Joint CEO and Company secretary Kerry Whelan Registered office Brixlon House, Coldharbour Lane, London, England, SW9 8GL Company registratlon number 02989694 {England and Wales) Charity reglstration number 1113716 Audltor Lindeyer Francis Ferguson Limited North House, 198 High Street Tonbridge Kent TN9 1BE

Bankers The Co-operalive Bank PO Box 250 Skelmersdale WN8 6WT Saffron Building Society 57 High Street Ware Hertfordshire SG12 9AD Manchester Building Society 125 Portland Street Manchester M14QD Virgin Money (Account Closed April 2024) Jubilee House Goslorth Newcastle Upon Tyne NE3 4PL

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Chalr's Statement The following Trustees, Report and Financial Statements record Frantic Assembly's financial performance in the year ended 31 March 2025. and portray the chief activities undertaken by the company during that year in pursuit of its charitable objective: "to advance education lor the public benefit by the prornotion of the arts, in particular but not exclusively the art of drama." This was our 30th anniversary year which we celebrated by looking fO￿ard and building ambitiously for the future rather than simply looking back. A Strategic decision not to mount an autumnlwinter 2024125 mid-scale theatre toui and instead concentrate resource on new-project development and fundraising delivered intended benefits. At the start of the year, owing to lack of external funding. the future looked bleak for Ignition, our flagship, free nationwide talent-development programme for young people with little or no experience ol the arts. For the first time in 15 yeats, we had to suspend the prografflme. Such is Ignition's fundamental importance to Frantic Assembly's mission to break down social barriers to the theatre, and its importance to the wider theatre ecology. we were absolutely determined to bring it back- and we have, for now. We instigated a major public fundraising campaign, supported by many high-profile theatre industry personalities, which succeeded in raising fund$ that have enabled us to reinstate the programme in 2025 and that go some ol the way towards running the programme in 2026. The campaign also raised public awareness of Ignition. Needless to say, we must continue fundraising in order to sustain Ignition in 2026 and beyond. The scale and reach of the company's learning and participation work over the past year remained huge. Our creative methodology- the Frantic Method - is studied around the world and remains a major influence on the teaching of drama at GCSE and A Level in the UK. But there are challenges. Over the past year, we have been working hard at supporting teachers and promoting theatre education at atime when budgets for the teaching ol drama, or drdma courses themselves, are being cut in UK Slate secondary schools. Arlistically. this has been a year of exploration and innovation. Frantic Assembly has always been a company that values and celebrates the potential ol meaningful collaboration and that seeks out thrilling partners and new voices to make something greater than the sum of our respective parts. We have been building such partnerships to make new work that feels fresh and inspiring, collaborating with many ol the UK'S premier regional Iheatre venues and wilh other exciting Iheatie-companies and creatives- even with a boundary-breaking orchestra. We are now gearing up for the launch of a major aulumnlwinter 2025126 mid-scale tour of a new play, Lost Atoms by Anna Jordan in a co-production with Curve, Mayllower Southampton and The Lyric Hammersrnith Theatre. We are finding new ways to work and new audiences with which to engage, maintaining and building upon our position as one of the most impactful theatre companies in the country.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 A year without a mid-scale tour naturally resulted both in substantially lower income from, and expenditure on, charitable activities compared with the previous year; the net result was a £7,784 reduction in unrestricted funds. But restricted funds were boosted by the Ignition fundraising campaign. At the year-end, total funds Siood at £463,679 of which £86,124 was restricted and £165,000 was designated for specific purposes. On behalf of the Board of Trustees, I proudly take this opportunity to record our admiration for, and thanks to, our internationally renowned Artistic Director. Joint Chief Executive and co-founder, Scott Graham, and our &)int Chief Executive and Executive Director, Kerry Whelan. and our participation and administration stall for the achievement5 of the company in 2024125. 1 also wish to record our immense gratitude to the many organisations and private individua15 whose support is enabling us to fulf il our charitable objectives and build for the lulure, including- Arts Council England which provides funding to us in our capacity as a National Portfolio Organisation, Garfield Weston Foundation Theatre Development Trust, D'oyly Carte Charitable Trust, Garrick Charitable Trust, Spears-stutz Charitsble Trust, The Fidelio Charitable Trust, Mayflower Southampton, Nicksidi and Nica Burns, Paapa E$siedu, Guy Garvey, Lenny Henry, Julie Hesmondhalgh, James Lance, Andrew Lincoln, Clare Perkins, Karl Queensborough, Nicola Walkerand the many other theatre practitioners who supported our campaign to bring back Ignition, the numerous private individualswho have generously donated in response to that campaign, making il a success, o our Practitioners who teach the Frantic Method around the UK and overseas, the freelance artists and creatives with whorn we are collaboraling on the development of Lost Atoms and other new work, our co-producers ol Lost Atoms, Curve, Mayflower Southampton and Lyric Hammersmith Theatre, Headlong and Chichester Festival Theatre, co-producers of The House Party. Aurora Orchestra, oui collaborator on Carnival and the forthcoming Shostakovich 5 for the BBC Proms, Digital Theatre Plus which provides a platfomi for dissemination of our filmed productions, the schools and drama teachers who teach the Frantic Method andlor engage with our digital output, and o our audiences and followers, including many thousands of young people, whose enthusiastic engagement with our worf( validates our faith in that work and in the future ol theatre as an artform. rk Hawes Chair 28th July 2025

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees (who are also directors of Ihe charity for the purposes of the Companies Act} present their annual report together with the financial statements of Frantic Theatre Company Ltd (trading as Frantic Assembly) for the year ended 31 March 2025. 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 26 to 30 of the attached finanGial statements and comply with the charitable company'5 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 IFRS 102)" (effective 1 January 2019) (Charities SORP {FRS102)). OBJECTIVES AND ACTIVITIES The objectives of the charity are to advance education lor the public benefit by the promotion ol the arts, in particular but not exclusively, the art of drama. Led by Artislic Director, Scott Graharn and Executive Director, Kerry Whelan, Frantic A55embty is an internationally respected company with the principles of collaboration and accessibility f irrnly at its heart. It is the only international theatre company with its own creative methodology of devising theatre - the Frantic Method. The company collaborates with some of the most exciting voices in theatre lo create new, genre-defying work of the highest quality. Having toured extensively throughout the UK, Ihe Gompany has built an enviable reputation as one of the most exciting theatre companies in the country, and the Frantic Method 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 intemational academic drama syllabuses. Frantic Assembly is also identified as 'one of the key figures in Twentieth Century performance practice,, and as one 0123 theatre makers who have 'transfornied the way we understand Iheatre and performance,, in the handbook dedicated to the company in the Routledge Perlormance Practitioners series. Through Ignition, its free nationwide talenl-development programme for young people aged 16-24, the company linds individuals who have the potential to work in the Arts, often from areas of least arts-engagement and who may not think the Arts are for them and opens opportunities for them. Our Mission Statement Frantic Assembly creates 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 operale as a team, are: Collaborative, Authentic, AGcessible, Brave, Empowering Core Aims and Objectives Create and share high-quality, ambitious, inclusive and relevant cultural experiences across the UK.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Inspire more people to access and participate in culture, especially those who do not regularly engage or participate. Provide accessible and inclusive training and lalent development routes foryoung people who wish to enter the creative industries. Work creatively and share knowledge of The Frantic Method with emerging companies, theatre maker5, teachers, students and other individuals in order to continue to influence the development of contemporary theatre. Lead the way in developing a dynarnic, environmentally sustainable and thriving sector based on collaboration and connectivity between creative practitioners, and educational and local communities. Our activities over the past year are outlined below. ARTISTIC ACTIVITY Our strategic decision not to create and lour a production in 2024125 created space for us lo concentrate on developing future production ideas. to consolidate our planning and tinancial position, and to dedicate time to the priority of raising much-needed funds for our Ignition programrne. That is certainly not to say that the company did nol have a presence on UK stages during the year or was not busy developing a range of slage projects- it did and was. as summarised below. The House Party We were excited to partner with theatre company Headlong on a staging of an adaptation of Strindberg's Miss Julieby playwright Laura Lomas. The House Partywas directed by Headlong's Artistic Director, Holly Race Roughan. Frantic Assembly Artistic Director, Scott Graham, provided the movement direction. The show was a Headlong and Chichester Festival Theatre co-production in association with Frantic Assembty- The show premiered at the MinervaTheatre in Chichester in May 2024. It played for 33 performances and was seen by 6.897 people (68% capacity). The Show featured an ensemble of ten, playing party guests. Six of these perfomier5 were cast from recent Ignition alumni, seveTal making their professional stage debut. All alumni demonstrated not only consummate skill and ability. but also a tremendous work ethic, enthusiasm and commitment to the production that was a credit not only to thern but also to the Ignition programme. We are incredibly proud of them. In Spring 2025. the show was revived for a live-venue tour, calling at Leeds Playhouse, Rose Theatre in Kingston. HOME Manchester, Bristol Old Vic and Belgrade Theatre in Coventry. There was a total of 57 performances seen by 3.438 {63% capacity). The cast once again included six Ignition alumni- live reprising their roles from the original run and one new, re-cast role. Building on the experience of the run in Chichester, this tour was a fantastic opportunity for them to gain hands-on experience of touring and of working wilh another company besides Frantic Assembly. The collaboration was a very positive one, and the sharing of opportunities and resources was invaluable to both companies.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 "Realistic dialogue scenes are broken up with athletic, intricately choreographed physical work - courtesy of movement director Scott Graham- whiGh sees an impressively tight ensemble dance with muscular, hedonistic abandon." 4 Stars- The Stage "It s a sad truth thatparties on stage usuallylook dreadful, so it s smart of Headlong's artistic director, HollyRace Roughan, to team up with thephyslcal theatre companyFranticAssembty. By tlghtlystaging party sequences on a huge kitchen island, just seven dancers give the sense of a big, messy rave-up.... These scenes litt the show... 4 Stars-The Times "Scenes are connected by brief flashes of the house party that rages upstairs with performers from the Frantic Assembly theatre company injecting a nervous energy that linger5 into action that follows." 4 stars- The Arls Dispatch 'And the movement of the whole piece was powered forward by the brilliant Frantic Assembly who, as their name implies, were full ofenergy with wonderfuldisplays ofcontemporary dance anchoring each scene together., The Yorkshire Times Lost Atoms Throughout 2024125, we held three R&D weeks for our new touring production for 2025126: Lost Atoms, written by Anna Jordan and directed by Scott Graham. The play was commissioned and is being produced by Frantic Assembly in a co-production with Curve, Mayllower Southampton and The Lyric Hammersmith Theatre. During the year we confirmed the creative team: Writer Director Set Designer Lighting Designer Sound Designer Music Supervisor Costumes Designer Associate Director Anna Jordan Scott Graham Andrzej Goulding Simisola Majekodunmi Carolyn Downing Julie Blake Alice McNicholas Lucy Wild See 'Future Activity, below for more details of the show and tour. Aurora Orchestra In May 2024. we were approached by Mark Ball. Artistic Director of the Southbank Centre, about a potential collaboration with Aurora Orchestra for pertormances they would be staging as part of the Southbank's Multitude Festival in May 2025. Led by Principal Conductor Nicholas Collon, Aurora Orchestra is the pioneer for memorised orchestral performance- it is the first orchestra worldwide to break down physical barriers to music by removing sheet music and stands for large-scale works. Over recent years, these memorised performances, devised by Aurora's Creative Director Jane Mitchell, have developed into cross-genre dramatic and musical explorations that reach deeper under the skin of the music. Aurora has collaborated with an exceptional range of artists across different artistic disciplines and was keen to work with Frantic

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Assembly to explore movement in a new staging of Saint-saèns's The Carnival of the Animals and a new commission from composer Richara Ayres - Dr Frompou s Anatomical Study of the Orchestra. Scotl Graham co-directed Ihe show with Aurora's Jane Mitchell. The concert was staged at the Queen Elizabeth Hall at the Southbank on 3rd May 2025, followed by performances at Snape Maltings and The Apex in Bury St Edmunds, belore embarking on a series of European dates through summeT 2025. "Mischievous director duo Jane Mitchell and Scott Graham must have had a blast with all involved.... I'd honestly love to see this Garnival again."4 Stars- Get The Chance Artemis Fowl In April 2024, we were approached bythe producers of a proposed new musicalversion ofthe Artemis Fowl book series, to be adapted by the author himself, Eoin Colfer, with music by Liam Bates, with a proposal for SGoIt Graham to direct the production on behalf of Frantic Assembly. Over the winter of 2024 and early spring of 2025, Scott participated in the workshopping of ideas and worked with Colfer on the development of the script. Work continues on the development of the project by the producers. Incarnate During the year, the company also undertook research and development of a new play, Incarnate, by Matthew Trevannion. Ostensibly, this is a one-man show, in which the narrator dies only to find that he has returned in the body of another man and tries to find a way back to his old life. Although not lorrnally commissioned by Frantic Assembly, the play was written with Frantic in mind and we wish to explore how we ¢an bring a one-person show to the stage using a cast of supporting performers to create the visual eff ects and physicality of the narratorfs world. We held an R&D week in June 2024, working with four actors, including Matthew Trevannion. It was a very positive process, and we are excited about the potenlial loi the show. One of the actors involved in the R&D was an Ignition alumna. Our ambition with Incarnateis to explore adilferent louring and producing model lo complement our exisiing mid-scale touring model and create a show that will have longer runs at fewer venues. We are currentty in disGussion with several potential co-producing venues for a tour in late autumn 20261winter 2027. PARTICIPATION Learn and Train The accessibility of Ihe Frantic Method, our distinctive approach to devising theatre, has empowered people to participaie, educate and collaborate in the art of drama and make ground-breaking new work. As world leaders in devising and collaborative Iheatre-making, we continually seek lo share drama skills through our Learn and Train programmes. 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 lor the public, professional artists, creatives and teachers.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Our commitment to Learnand Train has been liberating the potential of future thealre-makers lor 30 years and people from all walks ol life. Our programmes are available in the UK and internationally throughout the year. Learn Programme During the year we delivered a total of 306 workshops in schools and colleges in England, engaging 7,100 students. We delivered a further 117 workshops internationally and in Scotland, Wales and Northern Ireland, engaging 2.753 Students. We worked in Spain, Germany, Jersey, the United Arab Emirales and the United States of America. We hosted further groups in London from Australia and Saudi Arabia. The number of schools. workshops delivered in England was down on the previous year by 7% {2023124 - 328), suggesting the pressures on schoo15' budgels. We regularly hear from Drama teachers whose department budgets have been Gut, in some cases by as much as 90%, and who can no longer afford to book workshops and bring practitioners to their schools for in-person activity. The number of international schools, workshops was down 16% on the previous year (2023124-140), but this was owing to the timing of some large-scale residencies in Australia and New Zealand rather than a particular drop-off in demand. This activity is now planned for 2025126. However. allhough there is demand for our workshops overseas, global geo-political events are having an impact on demand in some territories. An annual four-week residency with Sharjah Performing Arts Academy in UAE which we have run for the lasi four years will not go ahead in 2025, and planned work in the USA is under review owing to changes to visa arrangements in that country. Education Tour In response to demand over the last few years from international schools that feel the absence ol the ability to see a live Frantic Assembly show, we undertook some development work to trial a new model of delivering training around the Frantic Method by combining our usual workshop oller with an example of a devised Frantic Assembly show. The concept was Ihat a team of three practitioners would perform in the show as well as lead explanaiory and interactive workshops demonstrating how the performance was created and how those processes can be employed to unlock creativity in the classroom. The activity was to be based in regional venue5 that act as hosts ol the programme. rather than individual schools, so that we could better control the technical parameters of the piece as well as help venues to develop closer links with their local schools. In autumn 2024 Artistic Director Scott Grdham and three Frantic Assembty practitioners, one of whom is an Ignition alumnus, worked on a 45-minute devised perfonnance. The piece is designed to help teachers and students understand and implement the Frantic Method as a devising process. Despite interest in Ihe conceptfrom a range ofvenuesacross the world, including Singapore, Auslralia and New Zealand. we found that the model placed too much pressure on the resources of the host venues and that il was therefore not linancially viable to run. However, we did run a version of the programme with Birmingham Hippodrome in January 2025. We delivered three days of residency working with a total of 287 students from 11 schools within the Birmingham area. Instead of the devised performance, we held a screening of our devised lilm TOUCH, with accompanying workshops that explored the devising methods used in that lilm.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 We also held Q&A sessions with the students, taking questions related to the films, the company and careers in the arts. Two ol the practitioners in the team delivering the workshops and sitting on the Q&A panel were Ignition alumni, in addition to the practitioner who took part in the R&D. Train Programme During the financial year we delivered the following Train courses: Introductory Course in April. Intermediate Course in May. our International Summer School in July {at LAMDA in west London), the Advanced Course in November and two iterations of our Masterclass series, one in May and one in November. We a150 delivered two public TeacherTraining courses, one in November and one in March. In total, we ran 52 Train sessions in the UK and engaged 1,246 people. We delivered a further 16 sessions internationally working with 454 participants. Of the 15 Frantic Assembly practitioners who helped deliver these courses, 4 were Ignition alumni. Ignition Followino the decision to pause Ignition, our nationwide, free talent development programme lor young people aued 16- 24, we embarked on a majorfundraising elfort to secure the funds necessary to bring Ignition back for 2025 and saleguard its long-term future. The public response to the fundraising campaign was tremendous, and immediately lollowing its launch in May 2024, we raised over £20k from individual donations. We held a fundraising event at Soho Place in October, supported by Nica Burns, and from this generated campaign support for our Christmas Big Give Challenge from Sir Lenny Henry, Guy Garvey, lames Lance, Nicola Walker, Clare Perkins, Julie Hesmondhalgh, Andrew Lincoln and Ignition alumnus Paapa Essiedu. The Chrisimas Big Challenge raised over £28k towards our funding target. Trust and Foundation applications generated an additional £71.900. We wish to express our thanks to the trustees of the following Trusts and Foundations lor their support: The Garfield Weston Foundation, The Theatre DevelopmentTrust,The GarrickTrust, The D'oyty Carte Charitable Trust, The Fidelio Charitable Trust and The Spears-stutz Charitable Trust. We also wish to thank all the individuals who have generously made personal donations. We have received an annual contribution pledge of £7,500 over the next three years Irom Mayflower Southampton, a regional partner ol Ignition and where Frantic Assembly is an Associate Company. In May 2025. 10 members of staff and practitioners (including the Artistic Director and Executive Director} took part in a Tough Mudder challenge. They completed a 15km, 20-obstacle course, raising £5k in sponsorship donations. One member of that team was an Ignition alumnus.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 To date we have raised £130,000, which means we are able to resume Ignition in 2025 and have at least 40% of funds in place for 2026. Our fundraising continues, as we strive to secure multi-year funding for the project. DIGITAL AND CREATIVE MEDIA Frantlc Assembly Studlo Subscriptions dropped slightly during the year by 14%. As at March 2025, we had 114 schools subscribed {92 State and 22 Independent) {2023124 - 133; 114 State and 19 Independent). This mirrors the pattern lor our schools. workshop bookings, especially for State schools. whose budget5 have been hit hardest. The platlorm once again received a 95% satisfaction rating from teachers during the year. Our collaboration with Digital Theatre Plus Gontinued in 2024125. as we licensed the Frantic Assembty Studio content to its platform for international schools, access. Royalties of £15.093 (2023124 £14,436) were received in the year. Frantlc Digital Frantic Digital is our free-to-access content, first created in 2020 in response to the pandemic, and . designed to provide production infomiation. behind-the-scenes content and additional resources lor our audiences including teachers and students studying Drama at GCSE and A Level. During the year. we released a series of six films devised and created by Scott Graham and titled TOUCH. The lilms were initially created as part of a project to help demonstrate a devising process from beginning to end. The idea was to show how something is made from the first fledgling ideas, through missteps and dead ends and the moments of inspiration, to the completed show. TOUCH began as a simple fascination with our complex relationship with contact. We wanted to demonstrate how a show can be born from simplicity, embracing the limitations of a rehearsal room and some basic props. The six films are: 1. Zilk, 2. PlaylDuets, 3. Where Do You Go? 4. Repulsion, 5. Cube and 6. Mirror. EaGh filrn deals with a different element of touch; memory of touch: the first touch; denial of touch; what we do lor touch and connection; repulsed by touch; and social constraints versus the lantasy ol touch. The filrns, hosted on our website were released over a six-week period via social-media and included a short behind-the-scenes look at how director Scott Graharn approached the subject. To coincide with the release of the 6th film, Mirror. we launched an online creative challenge called

Franticmirror. It's a simple task that uses a mobile phone to capture 1 minute of movement. based

around one of the devised sections in Mirror. Participants are encouraged to share theirversions via social media with the hashtag #Franticmirror. Two members of the original TOUCH cast are Ignition alumni, and the soundtrack was composed by another, who also composed the music for our production of Metamorphosis in 2023.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Soclal Media Statlstlcs P,latform Subscribers 2021122 Subscribers 2022123 Subscribers 2023124 Subscribers 2024125 Facebook 14,452 14,977 15,427 15.386 Instagram 25,500 29,400 34,500 36,349 Threads. 5,040 YouTube 7,370 7,968 8,490 8,890 Vimeo 191 201 205 210 'We joined Threads in November 2024. The total number of viewings of our YouTube content for the yearwas 141,255. The total nurnber of viewings ol ourvimeo content was 91.114 for the year. FINANCIAL REVIEW The charity's total income lor the year was £630,027 {2024 - £1,597,093). Total expenditure amounted to £551,777 {2024- £1,534,839). The charity's surplus for Ihe year was therefore £78,250 (2024 - £62,254). Of this, £86,124 was Restricted Funds, $0 there was a deficit of £7,874 of Unrestricted Funds. When combined with funds brought forward, the charity's total reserves as at 31 March 2025 stood at £463,679 (2024- £385,429). The breakdown of funding sources in the year was as follows: Percenta g8 ol total Income Percentage of total income 2024125 2023124 Earned income. £318,641 51% £1,354,935 85% Donations £56,224 £1,899 Restricted grants £29,900 5% £15,000 1Yo Arts Council England NPO funding grant £225,259 35% £225,259 14% Total Income £630.027 £1,597,093 Earned income includes bank interest of £3,910 {2024 - £1,440). 10

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Investment policy Underthe Memorandum and Articlesof Association, the charityhaslhe powerto makeany investment whichthetrusteesseetit. The charity has apolicy of keeping surplus liquid funds in short-temi deposits which can be accessed readily. Resenies Pollcy The Company recognisesthat its annual programme ol activity varies from year to yearand therefore, reserves are monilored quarterly by the Executive Director and the Finance and Risk Committee. The reserves position is Teported quarterly in the management accounts and any conclusions from regular monitoring will be reported and recorded in board meeting minutes. The Trustees review the reseNe amounts required lo f ullil its continuing obligation5 on an annual basis. Thetrusleesaimto maintainfree reserves in unrestricledfundsatalevel betweenthree andsixmonths of wpport costs (including core staff Salaries). They consider that this level will ensure that there are sulficient funds available lo cover support and governance costs in the event that the Company needed to be wound up. The trustees therefore consider that th8 ideal level of operational free reseNes at 31 March 2025 would be between £92,395 to £184,790, based on the Gurrent year's unrestricted support costs expenditure. Of the total reserves of £463,679 (2024 - £385,429), £86,124 {2024 - £nil) was restricted. £165,000 of funds have been designated, orset aside. by the trustees forthe specific purposes of funding future production costldevelopment andlor underwriting touring costs {2024- £120,000). Unresiricted general funds amounted to £212,555 (2024 £265,429), of which £26,000 (2024 £39,690) constituted fixed assets. Free reserves were therefore £186,555 (2024 - £225.739), which meets the target level for such reserves mentioned above. PLANS FOR THE FUTURE ARTISTIC ACTIVITY Lost Atoms 2025126 will see Ihe UK lour of our 30 AnniveTrary production Lost Atoms. written by Anna Jordan and directed by Scott Graham. th Lost Atoms tells the story of a relationship.. an extraordinary, transformative love. Or is that only in hindsight? Perhaps it was just typical? Or toxic? Or doomed from the start? One thing's for sure.. It changed their lives. Two people plunge deep into theirshared pasts and propel themselves into multiple imagined futures. At times hilarious. at times devastating, lost Atoms explores how memoryimpacts the way we look at love, and asks what makes a truty successful, relationship7 Co-produced with CU￿e, Mayflowersouthampton and The Lyric Hammersmith Theatre, the showwill tour to ten venues across seventeen weeks, opening on 22nd September 2025 and running until 28th February 2026.

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Tour venues: Curve, Leicester. York Theatre Royal. Liverpool Playhouse; Belgrade Theatre, Coventry: Mercury Theatre, Colchester; The Lowry, Salford Quays. Connaughl Theatre, Worthing. MAST Mayflower Studios, Southampton; Bristol Old Vic and The Lyric Hammersmith Theatre. The play has a cast of two. Taking the roles of Jess and Robbie are two highly skilled and accomplished actors and lono-time Frantic Assembly collaborators; Hannah Sinclair Robinson (Metamorphosis, Othello, The Curious Incident of the Dog in the Night-time) plays the character of Jess, and the character of Robbie is played by Ignition alumnus, Joe Layton {Metamorphosis, Othello, The Unretuming). Aurora Orchestra- Shostakovich 5- BBC Proms Following our successful collaboration with the Aurora Orchestra on Garnivalat the Southbank Centre in May 2025, we were invited to join forces again on a memorised and dramalised staging ol Shostakovich's 5th Symphony as part of the BBC Proms at the Royal Albert Hall on 16th and 171h August 2025. The concert gives the opportunity to explore the masterpiece from the inside out, in a perfomiance that takes audiences undei the hood of the work and into the mind of the man who made it. Scott Graham ¢o-directs with Aurora Creative Director Jane Mitchell and Director, James Bonas. Assisting Scott as Associate is Movement Director and Ignition alumnus, Sean Hollands. The cast of performers helping to bring the music to life through the story that surrounds its composition include actors Polly Frame, Craig Stein and Sarah Twomey and Ignition alumnus and BBC Young Dancer 2019 winner Max Revell, as Shostakovich. The performance on 16th August 2025 at the Royal Albert Hall will be filmed lor subsequent broadcast on BBC 4 and BBC iPlayer. The Manningtree Witches In February 2026, we will be worl(ing in collaboration with two regional theatres, providing movement direction on two new productions. The first is The Manningtree Witches by Ava Pickett, adapled from the novel by A.K. Blakemore, produced by Mercury Theatre, Colchester, where Frantic Assembly is an Associate Company. Essex, 1643. A country divided. A town on its knees. A teenage girl with a dangerous secret. As the Civil War rages on. in the quiet town ol Manningtree, most of the men have gone off to fight, leaving the women to run the town. 17-year-old Rebecca West is like any teenager, brimming with sell-doubt, consumed with unrequited love. and in a constant never-ending cycle of arguments with hersharp-tongued mother. As food runs out, and more men leave, Rebecca and her best friend Judith wait for something, to happen in Manningtree. But change is coming. 12

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 When the mysterious Matthew Hopkin$ buys a pub, he brings questions. What does a young man like Matthew want with a town like Manningtree? Why has he come? And why is he $0 interested in Rebecca? But when an incident between Rebecca s mother and a local boy plunges the town into discord, those questions are answered with horrifying frenzy. Assuspicion and fear take rootand the community turns on each other, Rebecca finds her own girlhood weaponised against her- and is forced to make a devastating choice no daughter should ever have to make. This Is a thrilling world premiere that tells the true story of England s lirst Witchfinder General, and wrenches the women he killed out from the shadows ol history and into the spotlight. The play will be directed by Mercury Theatre Artistic Direcior Natasha Rickman with Movement Direciion by Scott Graham. A Mercury Original in Association with Frantic Assembly, the play will run at the Mercury Theatre from 28th February to 14th March 2026. The Ladies Football Club The second produclion is a new play, The Ladies Football Club by Tim Firth, adapted from the novel by Stefano Massini, produced by Shelfield Theatres. With World War I forcing men on to the front line to fight, the women ol Sheffield take their place in the factories, construGtlng the bombs and the bullets. When theystart kicking a footballaround on thelrlunch breaks, it soon becomes clear that it's not just positions on a factory floor these women can lill,. it's on the football pitch too. Finding unexpected strength through their new passion and teamwork they end up playing to crowd$ of over fifty thousand, all the time unaware something is looming that will blow the whistle on their beautiful game. The play will be directed by Sheffield Theatres, Artistic Director Elizabeth Newman with Movement Direction by Scott Graharn lor Frantic Assembly. It will run in The Crucible from 28th February - 281h March 2026. PARTICIPATION Learn and Train Programmes During 2025126, we will offer our usual progTamme of 2, 4 and 6-hour workshops in Devising and Physicality working wilh schools in the UK at GCSE and A Level, and internationally with schools following the Internalional Baccalaureate, with activity planned in Europe, Australasia and East Asia. OurTrain programrne will see us Tun our ever-popularcourses in London: Introductory, Intermediate, Advanced and Teacher Training. Our International Summer School returned in July 2025 at LAMDA in West London. We welcomed 32 participants from around the world, including Australia, Canada. Germany, Hong Kong, Iceland, ItaSy. Norway, Switzerland and the USA. Participants chose one of two slrands to work in during the five- day intensive. 13

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Train - participants have the opportunily to engage with the Frantic Method, explore it in deiail alongside two Frantic Praclitioners, and leave with the confidence to apply it in their own work. Through practical workshops participants will be led through Advanced exercises and devising techniques, unique to Frantic Assembly. Create-givesan insight into how Frantic Assembly devises newwork. Thrown straight into the process of making work the Frantic way, and under the guidance of two Frantic Practitioners, participants create a devised performance across the live-day residency. The 'create first. think later. ethos will give participants a true experience of a Frantic rehearsal room, from Method to performance, whilst challenging perception$ of how work can be created. The Create route culminaled in the sharing of the devised performance at Ihe end of the week, to an inviled audience. 25% of the delivery team lor the Train and Create routes were Ignition alumni. Ignitlon Ignition is back for 20251 Following our successf ul f undraising campaign outlined above, Ignition will return for a fresh new iteration in 2025. During September and early October, we will work with our twelve regional partners lo deliver a series of Taster, and outreach workshops for young people aged 16-24 with little or no previous experience of the arts. From these they are invited to attend a 'Trial' workshop at their local partner venue and from Ihese participants we chose 24 young people to take part In the 'lntensive'_ a week long residency at our London base, Brixton House, during which time they will devise and perform a new show. The 'Taster' and 'Trial' workshops are delivered by Frantic Assembly practitioners, supported by peer mentors, recent Ignition graduates local to each region who can share their experiences of the programme. The Intensive teams, 12 in each, are directed by experienced Frantic Assembly movement directors, two of whom will be Ignition alumni. Across the whole programme for 2025 21 Ignition alumni will be engaged on paid contracts- S ol whom are Frantic Assembly practitioners and 16 peer mentors. The performances, to a public and invited audience will be at Brixton House Theatre on Thursday 30th and Friday 315t October 2025. Our regional partnets lor 2025 are: National Theatre of Scotland; Northern Stage. Newcastle- Liverpool Everyman and Playhouse; Lyric Theatre. Belfast: Leeds Playhouse" Core at Corby Cube; Birmingham Hippodrome; Mercury Theatre, Colchester; MAST Mayflower Studios, Southampton; Taliesin Arts Cenlre, Swansea; Theatre Royal Plymouth and Brixton House Theatre, London. Dlrectors and trustees The company is a company limited by guarantee registered in England and Wales and a charity registered with the Charily Commission in England and Wales. Its directors are its charity trustees for the purposes of charity law. The trustees serving during the yearand since the previous year end were as follows: 14

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustee Appointedl Resigned Mark Hawes (Chairl Matthew Hunnybun Amit Kataria Dorcas Morgan Joanna Read Denzel Westley-sanderson Cassandra Chinkin Resigned 28 October 2024 Appointed 28 October 2024, resigned 13 January 2025 Company secretary Kerry Whelan Governlng document Frantic Theatre Company Ltd is a charitable company limited by guarantee, incorporated on 14 November 1994 and govemed by its Memorandurn 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 ol trustees may from time to time register an increase in members. Appolntment of trustees As set out in the Articles of Association, the minimum number of trustees isthree and, until otherwise determined byaGeneral Meeting, shall be no more than nine. During 2024125, the numberoftrustees was six. The board of trustees may appoint any member ol the company as a member of the board of trustees, either to fill a casual vacancy or by way of addition to the board ol 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 cornpany are eligible to hold office as a member ol the board of trustees. The appointment of trustees, the conduct ol business, the proceedings ol meetings, the management of risk and the general management ol the company all took place during the year in accordance with the provisions of the governing documents. Trustees 'inductlon 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 Associalion, the committee and decision-making processes, the business plan and the recent financial pertormance of the charity. 15

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 Ihe company. The board normally meets every quarter but meets more frequently if required. The trustees take ultimate legal and financial responsibility for the company while the day-to-day running ol the company is delegated to the Executive Team. To facilitate effective operations. the ExeculiveTeam has delegated authority, within terms of delegation approved by the truslees, 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 2024125, the other team members included a full-time Head of Learning and Participation, a General Manager, 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 conneclion 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 transaction5 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 ol the Charity in charge of directing and controlling, running and operating the company on a day-to-day basis comprise the Executive Directorand Ihe Artistic Director, overseen by the trustees, All trustees give of their time freely, and no trustee received remuneration in the year. The pay of the senior staff who are not trustees is set at the point of recruitment with reference to the national market rate within the cultural economy. In view of the nature of the company, the trustees benchmark against pay levels in other comparable arts organisations run on a voluntary basis. The remuneration benchmark is generally the mid-point of the range paid for equivalent roles in similar organisations. It is reviewed annually and nomially 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 identrfication ol possible future funding opportunities and co- producing partners. Approach to Fundraising FranticAssembly undertakes fundraising to helpsupport itscore 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 nol use commercial participators. 16

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 reSation to our f undraising activity. Auditors The auditors, Lindeyer Francis Ferguson Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006. 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 Charily and of the income and expenditure of the Charity for that period. In preparing these linancial statements, the truslees 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 Praclice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FR8102): 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 financial statements; and prepare the financial statements 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 al any time the financial position of Ihe Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for saleguarding the assets of the Charity and hence fortakino reasonable steps lor the prevention and detection of fraud and other irregularities. Statement ol dlsclosure to auditor$ Each of the persons who are trustees at the time when this trustees, annual report is approved has confimied that: so far as helshe is aware, there is no relevanl audit information of which the Charity's auditor is unaware; and 17

FRANTIC THEATRE COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 the trustee has taken all the steps that oughl to have been taken as a trustee to be aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. This confirmalion 1$ given and should be interpreted in accordance with the provisions of s418 of Ihe 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 linancial statements may differ from legislation in other jurisdictions. This report has been prepared in accordance with the provisions in Part15 of the Companies Act 2006 applicable to companies subject to the small companies. regime. Signed on behalf of the trustees and approved on: Matthew Mark Hawes Chair of Trustees Matthew Hunnybun Trustee 18

FRANTIC THEATRE COMPANY LIMITED INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of Frantic Theatre Company Limited ("the charitable company") for the year ended 31 March 2025, which comprise the Statement of Financial Activities, the Balance Sheets, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting frarnework thal 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 f inancial statements". give a true and fair view of the state of the Gharitable company's affai￿ as at 31 March 2025 and of the incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. 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 forthe audit of the financial statements Section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have lullilled ourother ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sulf icient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the linancial statements, we have concluded that the truslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pertonned. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem lor 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 ol this report. Other information The other information comprises the information included in the annual report, other than the financial slalements and our auditor's report thereon. The Iru5tees are responsible forthe other information. Our opinion on the financial staternent5 does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audii of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the olher information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to detemiine 19

FRANTIC THEATRE COMPANY LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 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 matlers prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the trustees, report, which includesthe direclors, reportforthe purposes of company law. lor the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors. report included within the trustees. report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception 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 identilied 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 lo you if, in our opinion: the parent charitable company has not kept adequate and proper accounting records or returns adequate lor 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 of trustees, rernuneration specified by law are not made; or we have not received all the infomiation and explanalions 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. Responsibililies of trustees As explained more lully in Ihe trustees, responsibilities statement, the trustees (who are also the directors ol the charitable company for the purposes of company law) ale responsible for the preparation of the financial statementsand lor being satisfied that theygNe atrue and fairview, and lorsuch internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial statemenls, 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 allernative but to do so. Audltor's responslbllltles for the audlt of the financlal statements Ourobjectives are to obtain reasonable assurance about whetherthe financial staternents as a whole are free from material missiatement, 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 bul is not a guarantee that an 20

FRANTIC THEATRE COMPANY LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 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 lo influence the economic decisions ol users taken on the basis ol these financial ststements. 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 regulatory frameworf(applicable to the preparation ol the financial 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 linancial statements, and in particular we identified: FRS102, the Charities Act 2011 and the Charities SORP. We have also identified other law5 and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental lo the charitable company's operations and to avoid material penalties, including employment law, health and safely law and data protection regulations. Having reviewed the laws and regulations applicable to the charitable company, we designed and performed audil procedures to obtain sufficient appropriate audit evidence. Specifically, we: Selected a team with sector experience to perfomi the audit; Oblained an understanding of the charitable company's procedures forensuring complianc8 With laws and regulations., Obtained and reviewed inlernal policy and procedure documents; Made enquiries of management and the trustees regarding whether they were aware of any actual orsuspected incidences of non-compliance with laws and regulations; Obtained and reviewed meeting minutes; Oblained and reviewed correspondence with the regulator; Reviewed legal expenses accounts for indications of any possible non-cornpliance; and Reviewed the completeness and accuracy ol any disclosures made in the financial statements. We assessed the 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 of management override of controls; Assessing the susceplibility of the charitable company's financial statements to material misstatement, including considering how Iraud could occur. Considering whether there are any incenlives or opportunities for management to manipulate f inancial results; Obtaining and evaluating the trustees, assessment of the risk ol fraud, and enquiring as to whether they are aware of any actual or suspected incidences of Iraud; Reviewing the accounling policies and accounting esiimates lor signs of management bias" and 21

FRANTIC THEATRE COMPANY LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Identifying key risks relating to irregularities as relating to revenue recognition including fraud, management override of controls and the application of restricted funds. We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, reviewing journal entries and accounting estimates, and checking that expenses set against restricted income were in accordance with the restrictions imposed and consistent with report5 back to f unders. 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 those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities thal result f rom f raud may be more diff icult to detect than irregularities that result from error, lor example due to concealment, override of controls, collusion or misrepresentations. In addition, the turther removed non-oompliance 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 of our responsibilities for the audit ol the f inancial Statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres 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 with Chapter3 ol part 16 ot the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees 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, the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have lormed. Jonathan Healey FCA Senlor Statutory Auditor For and on behalf of: Llndeyer Francls Ferguson Limited Statutory Auditors Chartered Accountants North House 198 High Street Tonbridge, Kent, TN91 BE Date: 22

FRANTIC THEATRE COMPANY LIMITED {A company limiled by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOMEAND EXPENDITUREACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Interest receivable 225,259 314,734 3,910 86,124 311,383 314,734 3,910 242,158 1,353,495 1,440 Total income 543,903 86,124 630,027 1,597,093 Expenditure on: Charitable activities 551,777 551,777 1,534,839 Total expendlture 551.777 551,777 1,534,839 Net Income (7,874) 86,124 78,250 62,254 Net rnovement In lunds { 7,874) 86,124 78,250 62,254 Reconclllation of f unds: Toial lunds brought forward 385,429 385,429 323,175 Total funds carried forward 377,555 86,124 463,679 385,429 23

FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets 26.000 39.000 690 Current assets Stock Debtors Cash at bank and in hand 10 11 1,213 98,245 367.918 2,600 417,250 171,646 467,376 591,496 Creditors.. amounts falling due within one year 12 (29.697) (245.757) Net current assets 437,679 345,739 Total net assets 463,679 385,429 Represented by the funds of the charity: Unrestricted funds Restricted funds 13 377,555 86,124 385,429 463,679 385,429 The financial statements were approved by the Board of Trustees on were signed on its behalf by: 28th July............... 2025 and Matthew M Hawes Chair of Trustees M Hunnybun Trustee Company number: 02989694 24

FRANTIC THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash f lows from operating actlvltles: Net cash used in operating activities 192,362 124.415) Cash f lows f rom investing activities: Bank interest received 3.910 1.440 Net cash provided by investing activilies 3,910 1,440 Change in Cash and cash equivalents in the year 196,272 { 22,975) Cash and cash equivalents at the beginning of the year 171,646 194,621 Cash and cash equlvalents at the end of the year 367,918 171,646 Cash and cash equivalents comprise: Cash at bank and in hand 367,918 171,646 A. Reconclllatlon of net expendlture to not cash flow from operating activities Net incomel(expenditure) for the year Depreciation charge Amortisation Bank interest received Increase in debtors Decrease in stocks Increase in creditors 78,250 690 13,000 { 3,910> 319,005 1,387 (216,060) 62,254 916 13,000 11,440) { 257,579) 1,300 157,134 Net cash used in operating activities 192,362 (24,415) 25

FRANTIC THEATRE COMPANY LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 addres5 of the registered office is Brixton House, Coldharbour Lane, London, SW9 8GL. 2 Accountlng policles Basis of preparation of the f inanclal 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 (FRS 102) (effective 1 January 2019) (Charities SORP {FRS 102)), the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Frantic Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in pounds sterling, which is the functional currency of the charity, and rounded to the nearest £1. Critical accounting estlmates and areas of judgement The most significant areas of adjustment and key assumptions that affect items in the financial statements are in respect to: Assessing the useful economic lives of tangible fixed assets for the purpose of determining the annual depreciation charge; Determining the degree to which provisions are required in respect of bad and doubtful debts: and • Estimating luture income and expenditure flows for the purpose of assessing going concern. With respect to the next reporting period, the ongoing impact of the cost-of-living crisis and the effect on audiences and clients remains the most significant area of uncertainty that may aff ect the 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 truslees have made this assessment in respect to a period ol al least one year from the dale of approval ol these financial statements. The current financial model including cost base, income projections, f unding 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 2026. 26

FRANTIC THEATRE COMPANY LIMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Accounting policies (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 asses$menl, the trustees have considered the following: Ablllty to adapt to adverse flnanclal events The organisalion 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 mitigation: Impact of publlc spending cuts on Gore Arts Council subsidy The company is currently in the third year of 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 with a 1.61% uplift applied. A further extension for 2027- 28 has been proposed by Arts Council England, pending DCMS approval. • Impact ol economic downturn on disposable income and elfect on box office income which Gould aff8Ct ability to fund production costs Income targets are set prudently at 55% 01 financial capacity. The average income for bolh our 2023124 Metamorphosis tour and 2022123 Othello tour was 59%. Booking is already open for our 2025126 tour and advanced sales are positive, indicating that we are on track to achieve our budget target. Co-production deals of £90k have already been secured to help fund origination costs for our 2025126 production and £165,000 of reseNes are designated for future production origination. although these funds were not needed in 2023124 and are not planned to be used in 2025126. Adverse financial events may alfect future fundraising capacity, having an Impact on our ability to fund specific projects- e.g., Ignition. 27

FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Accounting policies (continued) We are very aware of the impact of funding on our ability to run specific projects, as we took the decision last year not to run Ignition in 2024, owing to insufficient funds to 100% of the costs. Following the announcement, we ran a fundraising campaign to secure funds to be able to run the programme in 2025. To date we have raised £129,000, sufficient funds for 2025 and about 40Yo of the funds required for 2026. Funds have been raised from Trusts and Foundations and individual donors and our work in this area is ongoing through 2025126. Income projections (whether eamed or raised) are not achieved 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 lo support income generation le.g., marketing and promotion lor Frantic Assembly Studio subscription sales). Financlal Management The organisation has robust and appropriate process and control$ 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 organisalion'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 rnaking their assessment of going concern, trustees have considered the financial forecasts for the period 1 April 2025 to 31 July 2026 including: Summary of bottom-line surplusldeficit and impact on available reserves. Anticipated cashflow forecast including assessmep.t of any points in the coming 12 monthq where cash balances may be a cause lor significant concern and receipt of fundinglincome and timeliness ol settlement of debts. Summary of income streams and the assumptions used achieving targets. in terms of reliabilityllikelihood of • Summary ol expenditure and the assumptions used - effect of inflationary increases, how lixed is the cost base and whether expenditure is dependent on funding. 28

FRANTIC THEATRE COMPANY LIMITED (A company limited by puarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2025 2 Accounting policies (continued) The charity has adequate cash reserves which are being actively monitored and managed, and the trustees believe that these actions have secured the immediate future of the charitable company for 12 to 18 months from the balance sheet date and that on this basis the charity is a going concern. Therefore, the trustees are of the opinion that the Charity has planned carefully in order 10 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 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 grants, this is usually when a formal offer is made in writing, unless the grant contains terms and conditions outside ol 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 lor the expenditure is implicit in the granl agreement, the income is recognised in accordanGe with that timescale. Income from charitable activities is recognised over the period to which the income relates. For contracts, income 15 recognised lo the extent that the contractual Services have been supplied. For performance-related grants, income is recognised to the extent that perlormance-related criteria have been met. Expenditure 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 of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is inclusive ol irrecoverable VAT. Expenditure on raising funds includes all expeniliture incurred by the charity to raise funds for ils charitable purposes. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's obieclives, as well as any associated support costs. Intangible f Ixed assets and amortisation Intangible fixed assels are carried at cosl, 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 Ihe asset was brought into use. 29

FRANTIC THEATRE COMPANY LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH2025 2 Accounting policies (continued) Tanglble fixed 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 off the cost of fixed assets, less their estimated residual value, over their expected usef ul lives on the following bases: Fixtures, fittings and equipmenl 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 recognised as expenditure in the Statement of Financial Activities in the year incurred. Stocks Stock5 are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Pensions 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 charged to the Statement of Financial Activities on a straighl line basis over the lease term. Financlal Instruments The charity only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic f inancial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund accounting General funds are unrestricted funds 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 f unds that have been set aside by the trustees tor particular purposes. The aim and use of each designated fund is set out in the note5 to the linancial statements. Restricted funds can only be used for the particular restricted purposes within the objects of the charily. Restrictions arise when specified by the donor or when lund5 are raised for particular restricted purposes. Taxatlon Frantic Theatre Company Limited is a registered charity and, therefore, is not liable to income tax or corporalion tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charilies. 30

FRANTIC THEATRE COMPANY LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Accounting policies {contlnued) 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 oredited to the Statement of Financial Activities based on productions undertaken in the year which meet the criteria for relief and is shown within income f rom charitable activities, as detailed in note 3 Income from donations and legacies 2025 2024 Arts Council England- NPO funding Theatre Development Trust D'oyly Carte Charitable Trust Garrick Charitable Trust Spears -Stutz Charitable Trust Backstage Trust Donations 225,259 20,000 4,900 3,000 2,000 225,259 15,000 1,899 56,224 311,383 242,158 The comparative figures include £15,000 of restricted income. 4 Income from charltable activilies 2025 Theatre 2024 Theatre Co-production income and touring lees Learn and Train Sales of programmes and merchandise Royalties Licence fees and subsGription5 Theatre Tax Relief Theatre Tax Relief - adjustment to prior years Sundry other income and reimbursements 20.563 217.464 2,572 26.332 28,700 3,248 704,033 288.136 22.913 112,409 29,050 172,390 17,224 7,340 15,855 314,734 1,353,495 31

FRANTIC THEATRE COMPANY LIMITED (A ¢ompany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5 Expenditure on charltable activltles 2025 Theatre 2024 Theatr8 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 167,505 122,337 2,700 43,135 5,799 7,790 435 202,076 191,927 673,831 176,224 190,168 92,651 11,090 2,235 196,713 551,777 1,534,839 5 Expendilure on charitable activities (contlnued) 2025 Theatre 2024 Theatre Support costs: Staff costs (note7} Printing, postage, stationery and advertising Bank charges Depreciation and amortisation Website redesign and maintenance 105,548 106 1,405 13,690 3,624 101,182 252 2,274 13,916 1,736 F li Subscriptions Storage Olfice cost$ Insurance 1,770 10,019 42,758 4,996 7,943 633 1,575 8,121 42,470 4,194 8,652 1,311 Sundry expenditure Governance costs Audil and accountancy 9,584 11,030 202,076 196,713 In the preceding period. expenditure on charitable activities from restricted funds was £15,000. 32

FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6 Net income 2025 2024 This is stated after chargino: Amortisation Depreciation Auditors, remuneration for audit seFvices Auditors, remuneration for non-audit services Operating lease rentals 13,000 690 7.250 2,334 31,915 13,000 916 7,250 3,780 31,915 7 Staff costs 2025 2024 Wages and salaries Social security costs Pension costs 244,417 21,303 7,333 262,787 22,438 7,884 273,053 293,109 The average number of persons employed by the charity was 6 {2024: 7). There were no ernployees with employment benefits (excluding employer pension contributions) of more than £60,000 in the current nor preceding period. 8 Intangible f ixed assets Webslte Cost Brought forward Additions Disposals 65,000 Carried forward 65,000 Depreciation Brought lorward Charge for the year Eliminated on disposal 26,000 13,000 Carried forward 39,000 Net book value At 31 March 2025 26.000 At 31 March 2024 39,000 33

FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH2025 9 Tangible fixed assets Fixtures, f ittings & equipment Cost Brought forward Additions 4.734 Carried fonmard 4,734 Depreciatlon Brought forward Charge for the year 4,044 690 Carried forward 4,734 Net book value At 31 March 2025 At 31 March 2024 690 10 Stock 2025 2024 Merchandise stock 1,213 2,600 1,213 2,600 11 Debtors 2025 2024 Trade debtors Prepayments and accrued income 11,987 86.258 11,094 406,156 98,245 417,250 34

FRANTIC THEATRE COMPANY LIMITED (A cofflpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 37 MARCH2025 12 Creditors: amounts falling due wilhin one year 2025 2024 Trade creditors Other creditors and accruals Deferred income Social security and other taxes 6.387 9,303 4,217 9,790 85,856 146,190 2,635 11,076 29,697 245,757 The movement on deferred income is as follows: Balance at1 April 2024 Released to income Received in Ihe year and deferred 2,635 (2,635) 4,217 12,088 { 10,173) 720 Balance at 31 March 2025 4,217 2,635 13 Statement of movements on funds- current year 1 Aprll 2024 31 March 2025 Income Expendlture Transfer5 General fund Desi9nated lunds: Fulure productions fund 265,429 543,903 (551,777) (45,000) 212,555 120,000 45,000 165,000 Total unrestricted f unds 385,429 543.903 { 551,777) 377,555 Ignition fund 86,124 86,124 Total restricted lunds 86,124 86,124 Total funds 385,429 630,027 (551,777) 463,679 The Future productions fund represents funds set aside for the creation of future touring productions. 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. 35

FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14 Statement of movements on funds- prior 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 lund$ 323,175 1,567,093 11,504,839) 385,429 Ignition fund 15,000 (15,000) Total restricted funds 15,000 (15,000) Total funds 323,175 1.582.093 (1,519,839) 385,429 15 Analysis of net assets between funds Unrestrlcted Restrlcted funds funds Total funds Current year: Intangible fixed assets Nei current assets 26,000 351,555 26,000 437,679 86,124 377,555 86,124 463,679 Prioryear: Tangible fixed assets Intangible fixed assets Net current assets 690 39,000 345,739 690 39,000 345,739 385,429 385,429 36

FRANTIC THEATRE COMPANY LIMITED (A company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16 Related party transactions The key management personnel are considered to be the Trustees. the Executive Director and the Artistic Direclor. During the year. no Trustees received any remuneration, reimbursed expenses or other benefits (2024: None). The total amount ol employee benefits (including employer's pension contributions) received by key management personnel during the year was £128,030 (2024: £124,2271. During the prior financial period, Frantic Assembly performed Metamorphosis at the Yvonne Arnaud Theatre, Guildford where Frantic Assembly trustee, Joanna Read, is Artistic Director. Income of £Nil 12024 - £28,431) was received from the entity after deduction of contras. Frantic Assembly also performed Metamorphosis at the York Theatre Royal in the prior financial period, where Frantic Assembly trustee, Matthew Hunnybun, is a trustee. Income of £Nil (2024 £39.484} was received from the entity and expenditure ol £Nil (2024 - £8,812) 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 charily. Ms Read and Mr Hunnybun received no financial benefit linked to performances. 17 FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES At 31 March 2025 the charity were committed to future fflinimum lease payments under non- cancellable operating leases as follow5: 2025 2024 Due within one year Due between one and two years Due in two to live years 7,979 31,915 31,915 37,234 The lease on the company's ollice premises reached its break clause during the year, meaning that only 3 months, notice from the company is now required to end the tenancy, hence the reduction in liabilities compared to 2024. 37