**REGISTERED COMPANY NUMBER: 07747048 (England and Wales) REGISTERED CHARITY NUMBER: 1144299** 

## **Report of the Trustees and** 

## **Financial Statements** 

**for the Year Ended 31 March 2024** 

**for** 

**Zest Theatre** 



**Zest Theatre** 

## **Contents of the Financial Statements for the year ended 31 March 2024** 

||**Page**|
|---|---|
|**Report of the Trustees**|1 to 8|
|**Independent Examiner's Report**|9 to 10|
|**Statement of Financial Activities**|11|
|**Statement of Financial Position**|12 to 13|
|**Notes to the Financial Statements**|14 to 21|
|**Detailed Statement of Financial Activities**|22 to 23|





**Zest Theatre** 

## **Report of the Trustees** 

## **for the year ended 31 March 2024** 

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The Charity's objects are specifically restricted to the following: 

1. To advance in life and help young people through: 

(a) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life. 

(b) Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. 

2. To advance the education of young people in all aspects of the dramatic arts. 

3. To advance the education of the public in all aspects of the dramatic arts and the development of public appreciation of such art by the putting on of performances. 

Page 1 



**Zest Theatre** 

## **Report of the Trustees for the year ended 31 March 2024** 

## **OBJECTIVES AND ACTIVITIES** 

## **Significant activities** 

In deciding what activities to undertake, the trustees have had due regard to the guidance published by the Charities Commission regarding public benefit. Thus, Zest exists to make space for young people to be heard, using creativity to amplify their voices through theatre and cultural experiences. Our vision is to release the voice of a generation to make the world a better and more creative place. 

Since the onset of the pandemic in 2020, Zest has sought to widen our public benefit through the diversification of the art forms with which we use. Recent years have seen us skilfully pivot into a range of digital work and high-impact Public Art. This work remains firmly within our repertoire - increasing reach and income streams. 

Established in 2007, we make a range of work for theatres, festivals, public spaces, schools, and digital platforms. 

We are passionate about amplifying the voices of young people, creating productions, digital pieces, and public art installations inspired by the needs, lives and imaginations of those under 25. 

2023/24 saw Zest become Arts Council England National Portfolio Organisation, receiving £180,000 of grant funding each year until March 2027 to support our operations and artistic programme. 

In addition, Zest also became Associate Artists at Lincoln Arts Centre, contributing to this vital venue's life and programme whilst receiving a £20,000 commission to support our programme. 

This period saw Zest deliver an extensive programme of work that included: 

o The continuation of monthly meetings with our Youth Advisory Board, Future Proof. In addition, we also initiated Future Proof+, a shadow board to develop the next generation of Zest Trustees. 

o A series of Refresh public art installations delivered nationwide, including Medway (Chatham, Gillingham, and Strood), Stockton-on-Tees, Mansfield, and Darlington. Each project gathered the words of young people through workshops before transforming a curated selection of quotes into vibrant artworks installed in public spaces. 

o A tour of our installation, The Forum, to Mansfield's Oak Tree Estate and London's Southbank Centre. The Forum is designed to give communities a place to gather and discuss their ideas for the future inspired by the words of young people. 

o Following an extensive Research & Development period in 2022/23, Zest toured Camp Phoenix to 5 venues nationally. Aimed at an audience of Year 6's, Camp Phoenix gave a platform to Further Education Performing Arts Students to share their wisdom on surviving both adolescence and Secondary Education. 

o Commissioned by City of Lincoln's Heritage Action Zone, Zest completed a Research & Development process with young people across the city to co-design the concept for a new touring youth space for young people. 

Page 2 



**Zest Theatre** 

## **Report of the Trustees for the year ended 31 March 2024** 

## **OBJECTIVES AND ACTIVITIES** 

## ACHIEVEMENT AND PERFORMANCE 

## Charitable activities 

All of the projects listed below worked collectively to allow Zest to fulfil its Charitable Objects in this period: 

## Future Proof & Future Proof+ 

Established in December 2020, Future Proof is Zest's Youth Advisory Board made up young people from across the country who were all participants of Zest's previous touring productions. Meeting monthly on Zoom, this group are paid to act as consultants who advise Zest on anything from programming, policy, staff recruitment, and wider strategy. Approximately 20 attend each session. In addition, 2023/24 saw Zest establish Future Proof+, a new shadow board giving young people the chance to attend Zest's main board meetings to develop the next generation of Zest trustees. 7 Participants joined Future Proof+ during this period. Participants: 24 

Participation Sessions: 17 

## The Forum 

The Forum is a touring installation that creates a pop-up town square where communities can hang out together. Fueled by the inspirational words of young people, The Forum provides a series of interactive activities designed to spark and facilitate discussion. The Forum was initially commissioned by Lincolnshire County Council, touring 5 Lincolnshire towns in summer 2022. In 2023, The Forum toured beyond Lincolnshire to Mansfield's Oak Tree Estate and London's South Bank Centre. In Mansfield, we shared the words of local young people gathered through workshops in nearby schools. At South Bank, we shared a curated selection of quotes from the young people we'd met in workshops nationwide. 

Installation 'Show' Days: 4 Audience: 394 

## Refresh Medway 

Refresh Medway was formed of 2 phases of delivery. Firstly, Medway Cultural Arts Partnership (MCEP) commissioned the first phase of workshops across Medway to make space for local young people to be heard, resulting in a range of artworks displayed across Chatham Town Centre in July 2023. Following the success of this first project, Medway Council commission a second phase focussing on Gillingham and Strood with artworks unveiled across both towns in the final days of the financial year. 

Participation Sessions: 23 Participants: 439 Audience: 312,050 

## Refresh SIRF 

Commissioned by Stockton International Riverside Festival (SIRF), Zest delivered 8 workshops across the borough with young people aged 11-18 in the previous period. As with all Refresh projects, the workshops gave young people a space to talk about anything and everything. In Stockton, 14 huge festival flags appeared at the heart of SIRF 2023, sharing the truth of young people with the community. 

Participation Sessions: 2 Participants: 10 Audience: 38,812 

Page 3 



**Zest Theatre** 

## **Report of the Trustees for the year ended 31 March 2024** 

## **OBJECTIVES AND ACTIVITIES** 

## Refresh Mansfield 

Commissioned by Mansfield District Council Cultural Services, Refresh Mansfield engaged young people in schools' workshops across the borough in June 2023, before unveiling artworks across the whole of Mansfield across October Half Term. Flags appeared in the Marketplace, banners appeared on school fences, a digital screen was activated at Tesco, whilst a Digi-van drove to all corners of the borough sharing artworks on video screens to ensure everyone caught sight of the project. 

Participation Sessions: 2 Participants: 36 Audience: 87,583 

## Refresh Darlington 

Following the success of Refresh Lincoln in 2021 and 2022, we were asked to deliver the project in Darlington through the Borough Council's In2 programme for a third time in 2023. Working with Year 6 pupils in 3 of the borough's most in need wards, Zest delivered workshops to gather their voices before turning their quotes into artworks that would be displayed both inside and outside their school. Participation Sessions: 13 Participants: 150 Audience: 2,640 

## Camp Phoenix 

Camp Phoenix was a brand-new show packed with adventure, new music, and vital life lessons that toured to five venues across the length of the country between January and March 2024: ARC - Stockton-on-Tees, Lincoln Arts Centre, The Gulbenkian - Canterbury, Barnsley Civic, and The Albany - Deptford. What advice do teenagers wish they'd been given when they were still kids? Camp Phoenix was developed through conversations with over 650 young people nationwide to find out. 9-year-olds shared their worries, and those aged 16+ responded with expert wisdom. Featuring a company of professional actors and the local post-16 performers Zest met during the research period in 2023, this new production joyfully shared the wisdom and lived experiences of those aged 16-18 to support and inspire audiences of 10-12-year-olds (and beyond) when they need it most. 

Participation Sessions: 60 Performances: 15 Participants: 86 Audience: 1,713 

## Lincoln Heritage Action Zone (HAZ) 

In this second year of our Lincoln Heritage Action Zone commission, Zest continued to make space for young people to share their vision for the city, mainly how new spaces could be created for young people to exist in public spaces. We delivered workshops to select groups of young people, gathering, archiving, and curating their ideas to inform designs for a new pop-up youth space that Zest will deliver throughout 2024-2026 across the city through support from The National Lottery Community Fund / DCMS and Lincolnshire Coop. Participation Sessions: 6 Participants: 62 

Page 4 



**Zest Theatre** 

## **Report of the Trustees** 

## **for the year ended 31 March 2024** 

## **OBJECTIVES AND ACTIVITIES** 

TOTAL PARTICIPATION SESSIONS: 123 TOTAL PARTICIPANTS: 807 TOTAL AUDIENCE:  443,192 

TOTAL ENGAGEMENT:  443,999 

It is the trustees view that the requirement to demonstrate public benefit is met by its charitable objectives and by the means of delivery and provision of opportunity for engagement and participation. Specific examples of relevant modes of operation include the wide range of artwork created and the increased levels of engagement in participation projects at a time of great uncertainty and crisis for communities. In addition to this we've also maximized opportunities for young people to take part for free, or even as paid opportunities. 

## **FINANCIAL REVIEW** 

## **Reserves policy** 

The charity had a positive free reserve of £33,944 at the end of the period, but is aiming for free reserves of £75,000 in order to cover six months overheads. The free reserves are calculated by taking the unrestricted reserves balance at the end of the year, less any fixed asset funds. In April 2023, Zest Theatre joined Arts Council England's National Portfolio - receiving £540,000 until 2026 to support our core costs and artistic programme. Arts Council England have since extended this by an extra year until 2027 to provide additional support to organisations through the cost of living crisis. This, together with our bolstered income streams, will see Zest add an additional £10,600 to our free reserves ea ch year until March 2026. 

## **Going concern** 

Thanks to Arts Council's significant investment into Zest Theatre, we remain a going concern with £180,000 of public money being awarded each year until March 2027. This new funding has seen nearly double its turnover, expand its team and capacity, increase reach, and bolster our free reserves. This new investment is furthered through a range of new national partnerships, bringing support from local authorities into the charity to support our work. 

## **Financial Review** 

Zest closes this accounting period with a surplus of £34,453 (2023: deficit of £12,694). 

At the time of writing this report Zest Theatre remains a going concern through careful financial management and further development of the company's income. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. 

Zest Theatre is both a company limited by guarantee, as defined by the Companies Act 2006, and a registered charity. Its governing document is the Memorandum and Articles of Association adopted on 19 August 2011, as last amended by special resolution dated 1 February 2016. In the event of the company being wound up, members are required to contribute an amount not exceeding £10. 

Page 5 



**Zest Theatre** 

## **Report of the Trustees** 

## **for the year ended 31 March 2024** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Recruitment and appointment of new trustees** 

The Directors of the company are also charity trustees for the purposes of charity law and throughout this report are collectively known as the trustees. The existing board of trustees were individually appointed on the strength of their respective background and an obvious enthusiasm and commitment to support the company on an ongoing basis. As set out in the Articles of Association, the board may from time to time and at any time appoint a new trustee to join. The decision to elect new trustees to the board is based upon the availability of suitable candidates with a requisite skills base together with an acknowledgement by the board that additional support would be beneficial in order to assist in the company's development. 

## **Organisational structure** 

The Board of Trustees administers the charity. The Artistic Director & CEO is responsible for the day-to-day operations of the company. To facilitate effective operation, the Artistic Director & CEO has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and artistic performance related activity. 

## **Induction and training of new trustees** 

New trustees are provided with: 

- information on their legal obligations under charity law, 

- the Memorandum and Articles of Association, 

- the committee and decision-making process, 

- the business plan and recent financial performance of the company. 

During this induction they meet key employees and other trustees. Trustees are also encouraged to attend projects and view work delivered by Zest Theatre employees. 

## **Establishment and history of Zest Theatre** 

Zest exists to make space for young people to be heard, using creativity to amplify their voices through theatre and cultural experiences. Established in 2007, we make a range of work for theatres, festivals, public spaces, schools, and digital platforms. Our award-winning work has been described as 'unpretentious' (The Stage) and 'essential' (The Guardian). Our productions and installations actively place the audience right at the heart of the story. 

We are passionate about amplifying the voices of young people, creating productions, digital pieces, and public art installations inspired by the needs, lives and imaginations of those aged under 25. Our work releases the voice of a generation to make the world a better, and more creative, place. 

We have eclectic tastes and love creating bold new ideas - this means that there is no such thing as a 'Zest Style'; each of our projects are very different. However, innovation, joy, empowerment and accessibility are integral to everything we produce, creating a DNA that is unmistakably Zest's. 

We are proudly based in Lincoln and work closely with local partners to support the development of Lincolnshire's arts and culture sector. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 

07747048 (England and Wales) 

Page 6 



**Zest Theatre** 

## **Report of the Trustees for the year ended 31 March 2024** 

## **Registered Charity number** 

1144299 

## **Registered office** 

The Terrace Grantham Street LINCOLN Lincolnshire LN2 1BD 

## **Trustees** 

A M Pownall Senior Producer (resigned 25.4.23) A H S Doughty Lecturer and Careers Advisor (resigned 25.4.23) P Holland Producer R Mackenzie Senior Consultant N Ellwood Executive Coach G Kaur Bains Equality, Diversity and inclusion lead A Zia Senior Solicitor R Baynton Associate Professor & Artist (appointed 25.4.23) A J Davey Company Director / Hr Director (appointed 25.4.23) C W Elmer-Gorry Artistic Director (appointed 25.4.23) E J Lugrin Management Consultant (appointed 25.4.23) 

## **Independent Examiner** 

Steve Robinson ACA Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN 

## **Bankers** 

NatWest Bank Plc 225 High Street LINCOLN Lincolnshire LN2 1AZ 

## **Solicitors** 

Wilkin Chapman The Maltings 11-15 Brayford Wharf East LINCOLN LN5 7AY 

Approved by order of the board of trustees on 15 July 2024 and signed on its behalf by: 

Page 7 



**Zest Theatre** 

## **Report of the Trustees for the year ended 31 March 2024** 

R Mackenzie - Trustee 

Page 8 



## **Independent Examiner's Report to the Trustees of Zest Theatre** 

## **Independent examiner's report to the trustees of Zest Theatre ('the Company')** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. 

## **Responsibilities and basis of report** 

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. 

Page 9 



**Independent Examiner's Report to the Trustees of Zest Theatre** 

## **Independent examiner's statement** 

Since your charity's gross income exceeded £250,000 your examiner must be a member of a  listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Steve Robinson ACA The Institute of Chartered Accountants in England and Wales 

Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN 

17 July 2024 

Page 10 



## **Zest Theatre** 

## **Statement of Financial Activities for the year ended 31 March 2024** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**Charitable activities**<br>Artistic programme<br>Lincoln High Street Heritage Action<br>Zone<br>Other trading activities<br>3<br>Investment income<br>4<br>Other income<br>5<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>6<br>Zest Theatre Core<br>Artistic programme<br>Lincoln High Street Heritage Action<br>Zone<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>8,241<br>316,878<br>-<br>-<br>201<br>-<br>325,320<br>135,266<br>155,601<br>-<br>290,867<br>34,453<br>540<br>34,993|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|2024<br>Total<br>funds<br>£<br>8,241<br>316,878<br>-<br>-<br>201<br>-<br>325,320<br>135,266<br>155,601<br>-<br>290,867<br>34,453<br>540<br>34,993|2023<br>Total<br>funds<br>£<br>604<br>150,965<br>-<br>241<br>19<br>333<br>152,162<br>24,612<br>140,244<br>-<br>164,856<br>(12,694)<br>13,234<br>540|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 11 



## **Zest Theatre** 

## **Statement of Financial Position** 

## **31 March 2024** 

|Unrestricted<br>Restricted<br>funds<br>funds<br>Notes<br>£<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>12<br>1,049<br>-<br>**CURRENT ASSETS**<br>Debtors<br>13<br>7,541<br>-<br>Cash at bank<br>48,202<br>-<br>55,743<br>-<br>**CREDITORS**<br>Amounts falling due within one year<br>14<br>(21,799)<br>-<br>**NET CURRENT ASSETS**<br>33,944<br>-<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>34,993<br>-<br>**CREDITORS**<br>Amounts falling due after more than one<br>year<br>15<br>-<br>-<br>**NET ASSETS**<br>34,993<br>-<br>**FUNDS**<br>16<br>Unrestricted funds<br>**TOTAL FUNDS**|2024<br>Total<br>funds<br>£<br>1,049<br>7,541<br>48,202<br>55,743<br>(21,799)<br>33,944<br>34,993<br>-<br>34,993<br>34,993<br>34,993|2023<br>Total<br>funds<br>£<br>483<br>1,360<br>15,451<br>16,811<br>(11,754)<br>5,057<br>5,540<br>(5,000)<br>540<br>540<br>540|
|---|---|---|



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. 

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. 

The trustees acknowledge their responsibilities for 

- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

The notes form part of these financial statements 

Page 12 

continued... 



**Zest Theatre** 

## **Statement of Financial Position - continued** 

## **31 March 2024** 

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees and authorised for issue on 15 July 2024 and were signed on its behalf by: 

R Mackenzie - Trustee 

The notes form part of these financial statements 

Page 13 



**Zest Theatre** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 

At the period end the balance sheet shows a net current asset of £33,944 and there is a surplus for the period of £34,453. 

After reviewing the position after the balance sheet date, Zest remains a going concern, therefore the accounts have been prepared on a going concern basis. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

Donated services and facilities: 

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. 

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

The Charity is VAT registered. All figures shown are exclusive of VAT. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Goodwill** 

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Page 14 

continued... 



**Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

## **1. ACCOUNTING POLICIES - continued** 

**Tangible fixed assets** Drama and stage equipment - 25% on reducing balance Fixtures and fittings - 25% on reducing balance Computer and sound equipment - 33% on cost 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Pension costs and other post-retirement benefits** 

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **Financial instruments** 

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: 

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. 

Cash at bank is classified as a basic financial instrument and is measured at transaction price. 

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. 

## **Government grants** 

Government grants which have been accounted for under the accruals model in respect of a revenue nature are credited to income so as to match them with the expenditure to which they relate. 

Page 15 

continued... 



## **Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

|**2.**<br>**DONATIONS AND LEGACIES**<br>Donations<br>Cashback/rewards<br>**3.**<br>**OTHER TRADING ACTIVITIES**<br>Sales - Equipment hire<br>**4.**<br>**INVESTMENT INCOME**<br>Deposit account interest<br>**5.**<br>**OTHER INCOME**<br>Gain on sale of tangible fixed assets<br>**6.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Zest Theatre Core<br>Artistic programme|Direct<br>Costs<br>£<br>125,318<br>-<br>125,318|2024<br>£<br>8,199<br>42<br>8,241<br>2024<br>£<br>-<br>2024<br>£<br>201<br>2024<br>£<br>-<br>Support<br>costs (see<br>note 7)<br>£<br>9,948<br>155,601<br>165,549|2023<br>£<br>561<br>43<br>604<br>2023<br>£<br>241<br>2023<br>£<br>19<br>2023<br>£<br>333<br>Totals<br>£<br>135,266<br>155,601|2023<br>£<br>561<br>43|
|---|---|---|---|---|
|||||604|
|||||2023<br>£<br>241|
|||||2023<br>£<br>19|
|||||2023<br>£<br>333|
||||290,867||



Page 16 

continued... 



**Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

## **7. SUPPORT COSTS** 

|**SUPPORT COSTS**||||
|---|---|---|---|
|Management<br>£<br>Zest Theatre Core<br>9,948<br>Artistic programme<br>146,579<br>156,527|Finance<br>£<br>-<br>232<br>232|Human<br>Governance<br>resources<br>costs<br>£<br>£<br>-<br>-<br>530<br>8,260<br>530<br>8,260|Totals<br>£<br>9,948<br>155,601|
||||165,549|



## **8. NET INCOME/(EXPENDITURE)** 

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

||2024|2023|
|---|---|---|
||£|£|
|Other assurance services|5,606|5,830|
|Depreciation - owned assets|262|132|
|Surplus on disposal of fixed assets|-|(333)|



Included in governance is fees payable to the reporting accountant with regards to external scrutiny of £2,550 (2023 : £2,400) and other services £3,056 (2023 : £3,430). 

Included in income from charitable activities are grants from Arts council england these have been received and spent. 

## **9. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 

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**Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

## **10. STAFF COSTS** 

||Period|Period|
|---|---|---|
||1.4.23|1.4.22|
||to|to|
||31.3.24|31.3.23|
||£|£|
||||
|Wages and salaries|83,994|59,359|
|Social security costs|3,000|542|
|Pension costs|1,953|1,313|
||||
||88,947|61,214|
||||



The average monthly head count was 4 staff (2023 : 2) and the average monthly number of full-time equivalent employees (including casual and part-time staff) during the year were as follows: 

||2024||2023|
|---|---|---|---|
|||||
|Direct charitable employees|4||2|
|||||
|No employees received emoluments in excess of £60,000.<br>**INTANGIBLE FIXED ASSETS**<br>**COST**<br>At 1 April 2023 and 31 March 2024<br>**AMORTISATION**<br>At 1 April 2023 and 31 March 2024<br>**NET BOOK VALUE**<br>At 31 March 2024<br>At 31 March 2023||Goodwill<br>£<br>25,000<br>25,000<br>-<br>-||



## **11. INTANGIBLE FIXED ASSETS** 

Page 18 

continued... 



## **Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

## **12. TANGIBLE FIXED ASSETS** 

|Drama and<br>Fixtures<br>Computer<br>stage<br>and<br>and sound<br>equipment<br>fittings<br>equipment<br>£<br>£<br>£<br>**COST**<br>At 1 April 2023<br>2,757<br>358<br>1,535<br>Additions<br>-<br>571<br>257<br>At 31 March 2024<br>2,757<br>929<br>1,792<br>**DEPRECIATION**<br>At 1 April 2023<br>2,565<br>67<br>1,535<br>Charge for year<br>48<br>144<br>70<br>At 31 March 2024<br>2,613<br>211<br>1,605<br>**NET BOOK VALUE**<br>At 31 March 2024<br>144<br>718<br>187<br>At 31 March 2023<br>192<br>291<br>-<br>**13.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>2024<br>£<br>Trade debtors<br>4,808<br>VAT<br>-<br>Prepayments and accrued income<br>2,733<br>7,541<br>**14.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>2024<br>£<br>Trade creditors<br>3,065<br>Social security and other taxes<br>5,051<br>VAT<br>4,527<br>Other creditors<br>5,541<br>Accruals and deferred income<br>3,615<br>21,799||Totals<br>£<br>4,650<br>828|
|---|---|---|
|||5,478|
|||4,167<br>262|
|||4,429|
|||1,049|
|||483|
|||2023<br>£<br>-<br>567<br>793|
|||1,360|
|||2023<br>£<br>1,364<br>1,220<br>-<br>2,080<br>7,090|
||11,754||



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**Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

|**15.**<br>**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**<br>2024<br>£<br>Other creditors<br>-<br>**16.**<br>**MOVEMENT IN FUNDS**<br>Net<br>Transfers<br>movement<br>between<br>At 1.4.23<br>in funds<br>funds<br>£<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>540<br>37,429<br>(2,976)<br>Arts Council Funding<br>-<br>(2,976)<br>2,976<br>540<br>34,453<br>-<br>**TOTAL FUNDS**<br>540<br>34,453<br>-<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>Resources<br>resources<br>expended<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>142,370<br>(104,941)<br>Arts Council Funding<br>182,950<br>(185,926)<br>325,320<br>(290,867)<br>**TOTAL FUNDS**<br>325,320<br>(290,867)<br>**Comparatives for movement in funds**<br>Net<br>Transfers<br>movement<br>between<br>At 1.4.22<br>in funds<br>funds<br>£<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>13,234<br>(8,591)<br>(4,103)<br>Artistic Programme<br>-<br>(36,486)<br>36,486<br>13,234<br>(45,077)<br>32,383<br>**Restricted funds**<br>Listen Up (Camp Phoenix)<br>-<br>32,383<br>(32,383)<br>**TOTAL FUNDS**<br>13,234<br>(12,694)<br>-|2023<br>£<br>5,000<br>At<br>31.3.24<br>£<br>34,993<br>-<br>34,993<br>34,993<br>Movement<br>in funds<br>£<br>37,429<br>(2,976)<br>34,453<br>34,453<br>At<br>31.3.23<br>£<br>540<br>-<br>540<br>-<br>540|
|---|---|
|||
|||
|||



Page 20 

continued... 



**Zest Theatre** 

## **Notes to the Financial Statements - continued for the year ended 31 March 2024** 

## **16. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Artistic Programme<br>**Restricted funds**<br>Listen Up (Camp Phoenix)<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>21,197<br>98,582<br>119,779<br>32,383<br>152,162|Resources<br>expended<br>£<br>(29,788)<br>(135,068)<br>(164,856)<br>-<br>(164,856)|Movement<br>in funds<br>£<br>(8,591)<br>(36,486)<br>(45,077)<br>32,383<br>(12,694)|
|---|---|---|---|



## **Transfers between funds** 

Included within transfer of funds is an amount of £2,976 which has been transferred from the general fund to the Arts Council Funding fund. These are both unrestricted funds. This is in relation an overspending in the Arts Council Funding fund. 

## **17. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 March 2024. 

## **18. ULTIMATE CONTROLLING PARTY** 

The Charity is controlled by its board of Trustees. 

Page 21 



**Zest Theatre** 

## **Detailed Statement of Financial Activities for the year ended 31 March 2024** 

|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Donations<br>Cashback/rewards<br>**Other trading activities**<br>Sales - Equipment hire<br>**Investment income**<br>Deposit account interest<br>**Charitable activities**<br>Show donations<br>Sales - Venue and festival fee<br>Sales - Workshop fees<br>Project grants<br>**Other income**<br>Gain on sale of tangible fixed assets<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Charitable activities**<br>Freelance staff<br>Set design and construction<br>Props and costumes<br>Sound design and operation<br>Music and video production<br>Subscriptions<br>**Support costs**<br>**Management**<br>Wages<br>Social security<br>Carried forward|2024<br>£<br>8,199<br>42<br>8,241<br>-<br>201<br>-<br>69,863<br>32,065<br>214,950<br>316,878<br>-<br>325,320<br>43,443<br>54,033<br>10,994<br>6,360<br>3,350<br>7,138<br>125,318<br>81,431<br>3,000<br>84,431|2023<br>£<br>561<br>43|
|---|---|---|
|||604<br>241<br>19<br>103,415<br>-<br>-<br>47,550|
|||150,965<br>333|
|||152,162<br>35,221<br>12,543<br>1,558<br>2,323<br>4,904<br>4,957|
|||61,506<br>56,337<br>461<br>56,798|



This page does not form part of the statutory financial statements 

Page 22 



**Zest Theatre** 

## **Detailed Statement of Financial Activities** 

## **for the year ended 31 March 2024** 

|**Management**<br>Brought forward<br>Pensions<br>Rent<br>Light and heat<br>Telephone and internet<br>Postage and stationery<br>Computer expenses<br>Sundries<br>Vehicle and travel expenses<br>Insurance<br>Recruitment and training<br>Advertising<br>Depn of stage equipment<br>Depn of fixtures and fittings<br>Depn of computer and sound<br>equipment<br>Bank loan interest<br>**Finance**<br>Bank charges<br>**Human resources**<br>Vehicle and travel expenses<br>**Governance costs**<br>Accountancy fees<br>Legal fees<br>Total resources expended<br>**Net income/(expenditure)**|2024<br>£<br>84,431<br>1,953<br>3,616<br>9,094<br>1,980<br>497<br>6,265<br>5,846<br>10,610<br>756<br>12,668<br>18,548<br>49<br>144<br>70<br>-<br>156,527<br>232<br>530<br>5,606<br>2,654<br>8,260<br>290,867<br>34,453|2023<br>£<br>56,798<br>1,313<br>3,874<br>147<br>1,514<br>438<br>3,883<br>5,595<br>6,591<br>2,337<br>4,855<br>11,464<br>65<br>67<br>-<br>(1,629)<br>97,312<br>176<br>32<br>5,830<br>-<br>5,830<br>164,856<br>(12,694)|
|---|---|---|



This page does not form part of the statutory financial statements 

Page 23